Profits Fall at Methanex, but Outlook Remains Positive

Methanex reported first-quarter adjusted net income of $22 million, down 37% from the year-ago quarter, on lower sales and a one-time charge incurred to terminate a time charter vessel lease contract. Sales volumes were down 17% from the first-quarter of 2011, to 691,000 m.t. Production volumes, however, increased 18%, to 945,000 m.t.   "Our earnings for the first quarter were impacted by lower sales of Methanex-produced methanol and one-off items and we expect to deliver stronger earnings as the year progresses. Methanol demand has remained healthy...

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