Methanol producer Methanex lowers Q2 net loss steeply

01 Aug '16

2 min read

For the second quarter ended June 30, 2016, net loss at the world's largest producer and supplier of methanol, Methanex declined steeply to $3 million compared to a net loss of $23 million in the first quarter of 2016.

Adjusted net loss at the Canadian company rose higher at $31 million or $0.34 adjusted net loss per share vis-à-vis adjusted net loss of $24 million or $0.27 adjusted net loss per common share in the prior quarter.

Adjusted EBITDA for the second quarter of 2016 was $38 million as against adjusted EBITDA of $36 million in the earlier quarter.

Methanex was able to increase production by 8 per cent in the reporting quarter versus the first quarter to 1.7 million tons, a new company record.

Its total sales volume too increased by 11 per cent to 2.36 million tons in the quarter, also a company record."

CEO John Floren said, "Our second quarter earnings reflect the impact of lower average realised methanol pricing offset by higher sales of produced product compared to the first quarter.”

"Global demand growth rebounded in the second quarter, and remains healthy at an estimated year-over-year growth rate of 8 per cent,” he added. (AR)

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