Mexico's Mexichem reports third-quarter loss

Reuters

MEXICO CITY, Oct 28 (Reuters) - Mexican chemicals makerMexichem SAB de CV on Monday reported it swung to a loss in itsthird-quarter hurt by restructuring charges and a dip in revenueand core profit due to lower prices for its cooling gases.

The company recorded a charge of 2.09 billion pesos as itrestructured some operations in its fluorine business. That ledto a quarterly loss of 618.4 million pesos ($47 million),compared to a profit of 1.291 billion pesos ($98.16 million) inthe year-earlier period.

Mexichem said core profit, or earnings before interest,taxes, depreciation and amortization (EBITDA), fell 9 percent to3.151 billion pesos from 3.45 billion in the year-earlierquarter.

Revenue fell 2 percent to 17.09 billion pesos ($1.3 billion)on lower prices and sales volumes.

That was slightly better than the company's forecast earlierthis month, which called for a 24 percent dip in EBITDA and a 4percent drop in revenue.

Mexichem shares closed up 1.32 percent at 55.07 pesos beforeit reported its results.

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