April 29, 2010 / 1:20 AM / 8 years ago

UPDATE 1-Methanex swings to profit

* Q1 EPS 31 cts versus loss 20 ct/shr a year earlier

* Revenue $466.7 mln, up from $254.0 mln a year earlier

NEW YORK, April 28 (Reuters) - Methanex Corp MX.TO reported higher quarterly profit on Wednesday, driven by increased demand for methanol.

The world’s largest producer of methanol said net income was $29.3 million, or 31 cents per share, in the first quarter, compared to a net loss of $18.4 million, or 20 cents per share, a year earlier.

Revenue was $466.7 million, up from $254.0 million a year earlier. Sales volumes were 1.7 million tonnes, up from 1.4 million tonnes a year earlier.

The company said production was higher in the first quarter due to a better operating rate at its Chile site as a result of the recent development of new gas supply in that country.

Reporting by Martinne Geller; Editing by Phil Berlowitz

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