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Mexichem's net profit drops 54% during the first quarter

9:52 AM MDT | April 30, 2013 | Francinia Protti-Alvarez

Mexichem (Tlalnepantla, Mexico) reports a net profit of 836 million Mexican pesos ($69 million) during the first quarter of this year, down 54% from the peso1.8 billion reported during the first quarter last year, the company announced. The decrease was partially the result of higher production costs and a stronger Mexican currency, the company says. Ebitda stood at peso2.7 billion. First-quarter sales were peso15.5 billion, 14% higher than in the year-earlier period. Firmer sales figures were driven by higher prices and improved demand for Mexichem's products...

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