Global. Mexichem net income fell by 17% year on year to $61Mln as a result of higher deferred taxes from the appreciation of the Mexican peso against the US dollar

Mexichem’s Q3 net profit falls 17%; revenues up 8% Lee Ken 26 de octubre de 2017 ICIS News SINGAPORE (ICIS)--Mexichem's third-quarter 2017 adjusted net income fell by 17% year on year to $61m as a result of higher deferred taxes from the appreciation of the Mexican peso against the US dollar, the Mexican vinyls producer reported on Thursday. Without the deferred taxes impact, third-quarter net income would have shown an increase of more than 20% from the previous corresponding period, the company said in a statement. Mexichem's third-quarter net sales rose by 8% to $1.51bn on the back of stronger sales in its fluroproducts and vinyl businesses, with adjusted earnings before interest, tax, depreciation and amortization (EBITDA) up 21% at $297m, it said. The company attributed improved sales to increased polyvinvyl chloride (PVC) prices in the US in the aftermath of Hurricane Harvey, stronger demand for met and acid grade fluorspar in major end markets and higher refrigerant prices in Europe. The adjusted figures excluded the one-off $224m insurance compensation that Mexichem recorded in the third quarter of 2016, after a fatal explosion that occurred at its Petroquímica Mexicana de Vinilo (PMV) plant in April last year. In the first three quarters of 2017, Mexichem's adjusted net profit fell by 19% on year to $180m, while revenues rose by 7% to $4.36bn. The company also said that it expects further growth in its vinyl business in the fourth quarter of 2017 and 2018 due to its multi-year investment in an ethylene cracker joint venture that will enable vertical integration across the ethane to PVC value chain, as well as rising market prices. For the whole of 2017, Mexichem said it now expects EBITDA growth of 20-25% from 2016 levels. <link rel="stylesheet" id="ada-css" href="https://s3-eu-west-1.amazonaws.com/icis.ada.website.live/wp-content/ada.css" type="text/css" media="all" /> <link rel="stylesheet" id="tablepress-combined-css" href="https://s3-eu-west-1.amazonaws.com/icis.ada.website.live/wp-content/tablepress-combined.min.css?ver=5" type="text/css" media="all" /> <link rel="stylesheet" id="js_composer_front-css" href="https://s3-eu-west-1.amazonaws.com/icis.ada.website.live/wp-content/plugins/js_composer/assets/css/js_composer.min.css?ver=5.0.1" type="text/css" media="all" /> <link rel="stylesheet" id="animate-css-css" href="https://s3-eu-west-1.amazonaws.com/icis.ada.website.live/wp-content/plugins/js_composer/assets/lib/bower/animate-css/animate.min.css?ver=5.0.1" type="text/css" media="" /> <link rel="stylesheet" id="flexslider-css" href="https://s3-eu-west-1.amazonaws.com/icis.ada.website.live/wp-content/plugins/js_composer/assets/lib/bower/flexslider/flexslider.min.css?ver=5.0.1" type="text/css" media="all" /> <link rel="stylesheet" id="prettyphoto-css" href="https://s3-eu-west-1.amazonaws.com/icis.ada.website.live/wp-content/plugins/js_composer/assets/lib/prettyphoto/css/prettyPhoto.min.css?ver=5.0.1" type="text/css" media="all" />