The methanol producer said profit fell to $65.5 million, or 67 cents a share, in the first quarter, from $144.7 million, or $1.37 cents a diluted share in the quarter a year ago. Sales fell to $1.49 billion in the quarter from $1.65 billion a year earlier.
Vancouver-based Methanex said the volume of its methanol production fell to 678,000 tonnes in the three months to March 31 from 1.14 million tonnes in the quarter a year ago.
The company said the period produced “another good quarter of earnings,” but blamed the “pricing environment” for the lowered earnings.
It also said China has become a net exporter of the chemical rather than a net importer, which it called “the most significant factor” in the market. (Reporting by Dane Hamilton; Editing by Michael Urquhart)