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MeneameMexican chemical and petrochemical company Mexichem's (BMV: MEXCHEM) fourth quarter net profit fell 84% to 147mn pesos (US$11.5mn) from 930mn pesos in 4Q10.
For the full year, net income totaled 2.76bn pesos, down 30% from the previous year, the company said in a statement, adding that profits were primarily affected by the depreciation of the Mexican peso.
Sales were up 13% in Q4 and 31% in 2011, to 10.8bn pesos and 47.6bn pesos respectively.
The firm attributed the sales improvements to higher prices, increased volumes by its existing businesses, and the incorporation of the results of acquired firms Ineos Fluor in 2Q10, Policyd and Plásticos Rex in November 2010, and AlphaGary in January 2011.
Ebitda grew 23% to 2.16bn pesos in Q4 and climbed 26% to 10.3bn pesos for the full year. The yearly increase was the result of better volume and lower costs due to the incorporation of the new businesses and the ensuing synergies, the firm said.
Net debt at end-2011 totaled US$929mn, US$20mn less than at the end of the third quarter last year.
For 2012, Mexichem forecasts sales of US$4.36bn and Ebitda of US$1bn. The figures do not consider any possible acquisitions.
For Mexichem's full statement, go to this link
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