January 28, 2010 / 5:56 AM / in 8 years

UPDATE 1-Canada's Methanex posts Q4 profit

* Q4 EPS $0.28 vs loss/shr $0.04 yr-ago

* Q4 revenue $381.7 mln vs 408.4 mln (Figures in U.S. dollars)

Jan 28 (Reuters) - Canada’s Methanex Corp MX.TO MEOH.O, the world’s largest producer of methanol, reported a quarterly profit, helped by demand for methanol and higher energy prices that led to stronger methanol prices.

“In the fourth quarter, we realized an average price of $282 per tonne which is about $60 per tonne higher than last quarter,” Methanex Chief Executive Bruce Aitken said in a statement.

“And, as we enter the first quarter, methanol prices have continued to firm,” he added.

The company posted a profit of $25.7 million, or 28 cents per share, compared with a loss of $3.9 million, or 4 cents per share, in the same quarter a year ago.

Revenue fell 7 percent to $381.7 million in the quarter. (Reporting by Shailesh Kuber in Bangalore; Editing by Muralikumar Anantharaman)

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