UPDATE 1-Canada's Methanex posts Q2 loss

Wed Jul 29, 2009 12:54pm IST

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*Q2 net loss 6 cents/shr

*Q2 revenue $245.5 mln (Adds more details, figures in U.S. dollars)

July 29 (Reuters) - Methanex Corp (MX.TO), the world's largest producer of methanol, said on Tuesday it made a second-quarter loss, hurt by reduced total sales volumes and lower methanol sales prices.

The company posted a net loss of $5.7 million, or 6 cents per share, in the quarter ended June 30. That compared with a net profit of $38.1 million, or 40 cents per share, in the same quarter a year ago.

Revenue fell almost 60 percent to $245.5 million.

Analysts on average were expecting a loss of 6 cents on revenue of $259.3 million, according to Reuters Estimates.

Methanex's average realised sales price in the quarter was $192 per tonne, down from $412 a tonne a year ago.

The company said it was uncertain how long the current weak economic environment would persist and added that the degree to which its business was impacted would depend upon the duration and severity of the economic downturn.

"These global economic conditions materially affect both the supply and demand for methanol and the price at which methanol is sold," the company said. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Greg Mahlich)

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