Methanex Corp. , the world's largest producer of methanol, has reported that its net earnings more than doubled in the third quarter amid rising demand and prices.
The Vancouver-based company, whose product is used in everything from paint to plywood to gasoline, said net earnings attributable to shareholders were $62.3-million or 59 cents per diluted share in the three months ended Sept. 30.
That compared with net income of $28.7-million or 31 cents in the same 2010 period. However, stripping out the effects of the $22.2-million realized from the sale of the company's Kitimat assets that year, 2010 EPS would have been seven cents per share.
Revenue in the most recent period rose to $669.7-million, up from just under $481-million in the 2010 quarter.
“Our new Egypt and Medicine Hat plants operated very well, making a significant contribution to our earnings,” president and CEO Beruce Aitken said.
“Entering the fourth quarter, methanol demand continues to be healthy and the longer term outlook is excellent as there is little new capacity being added to the industry over the next few years to meet expected demand growth.”