Home / Knowledge / News / Textiles / Q3 adjusted net halves at methanol producer Methanex
Q3 adjusted net halves at methanol producer Methanex
31
Oct '15
For the third quarter of 2015, adjusted net income halved over the second quarter of 2015 at Methanex, the world's largest producer and supplier of methanol.

For the three months to September 30, 2015, adjusted net income dropped steeply to $23 million or $0.26 per diluted share as against $51 million or $0.56 per diluted share in the previous quarter.

“The Canadian company recorded adjusted EBITDA of $95 million for the third quarter of 2015 compared with $129 million for the second quarter of 2015,” Methanex said in a press release.

“The decrease in adjusted EBITDA was primarily due to a decrease in our average realised price at $323 per ton for the third quarter of 2015 from $350 per ton in the second quarter of 2015,” it explained.

Production for the third quarter of 2015 was 1.25 million tons compared with 1.28 million tons for the prior quarter.

Sales of Methanex-produced methanol were 1.23 million tons in the reporting quarter vis-à-vis 1.20 million tons in the earlier quarter.

During the third quarter of 2015, Methanex entered into forward contracts to hedge natural gas prices for the Geismar 2 facility for a 10 year period.

As of October 28, 2015 it had hedged approximately 40 per cent of the natural gas requirements of the facility.

“We continue to make excellent progress on the construction of the Geismar 2 facility and we expect to be producing the first methanol by the end of 2015,” it added.

During the third quarter of 2015, Methanex paid a $0.275 per share dividend to shareholders for a total of $25 million.

During the quarter under review, the company repurchased 629,100 common shares for $27 million and under the current normal course issuer bid, it is authorised to purchase up to a further 3.2 million shares.

CEO John Floren said, "Our third quarter adjusted net income reflects lower average realised methanol pricing compared to the second quarter of 2015.”

“Prices decreased as the affordability for methanol into certain energy applications moved lower relative to the second quarter, in alignment with lower oil and related product prices," he too added.

“With cash on hand, an undrawn credit facility, a robust balance sheet, and strong future cash generation capability, we are well positioned to meet our financial commitments,” Floren stated.

Methanex is a Vancouver-based, publicly traded company and is the world's largest producer and supplier of methanol to major international markets. (AR)

Fibre2Fashion News Desk – India

Must ReadView All

Courtesy: Ikea

Textiles | On 26th Apr 2017

Ikea’s product sourcing from India to double by 2020

Ikea, the global home furnishing giant from Sweden, plans to double...

Textiles | On 26th Apr 2017

CITA to add insufficiently available fabric in CAFTA-DR

The Committee for the Implementation of Textile Agreements (CITA) has ...

Courtesy: SKF

Textiles | On 26th Apr 2017

SKF brings predictive maintenance for machinery to India

SKF India, a global supplier of bearings, seals, mechatronics,...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search