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Mexico’s Mexichem reports financial results for Q2

by ChemOrbis Editorial Team -
  • 27/07/2017 (13:59)
According to a release on the company’s website, Mexico’s Mexichem announced its financial results for the second quarter of 2017. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) were also up by 29% to $334 million in Q2 from $259 million in Q2 of 2016. This increase stemmed from better PVC prices as well as the start-up of the ethylene cracker.

However, net income of the company was up slightly by 2% on a consolidated basis. This weaker growth was due to an increase in deferred tax.

The company’s revenues rose by 3% to $1.5 billion compared to the same period of 2016, due to better PVC prices and rising PVC demand especially in Asia and Europe.

Reports also revealed that Mexichem’s operating profit reached $229 million compared to a loss of $109 million in the same period of 2016. This rise was mainly driven by the same reasons stated above.
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