Canada : Net loss rises higher at methanol producer Methanex in Q3

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Home / Knowledge / News / Textiles / Net loss rises higher at methanol producer Methanex in Q3

Net loss rises higher at methanol producer Methanex in Q3

02
Nov '16

For the three months ended September 30, 2016, net loss at Canadian methanol producer Methanex grew higher at $11 million, compared to a net loss of $3 million in the second quarter of 2016. However, adjusted net loss was down steeply at $1 million for the third quarter of 2016 as against adjusted net loss of $31 million in the previous quarter.

The company posted adjusted EBITDA at $74 million in the reporting quarter of 2016 vis-a-vis $38 million in the earlier quarter.

According to Methanex, the improvement in adjusted EBITDA and adjusted net loss was mainly due to an increase in its average realised price and increased sales of methanol.

“Our average realised price increased to $236 per ton for the third quarter of 2016 from $223 per ton for the second quarter of 2016,” the company explained.

Sales of Methanex-produced methanol stood at record 1,860,000 tons in the quarter under review versus 1,689,000 in the second quarter of 2016.

Cash flows from operating activities in the third quarter of 2016 were $74 million as against $34 million in the prior quarter. (AR)

Fibre2Fashion News Desk – India

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