Mexichem's 2012 profit boosted by Wavin acquisition, higher prices

Mexican chemical and petrochemical company Mexichem (BMV: MEXCHEM) reported net income of 4.58bn pesos (US$356mn) for last year, up 69% from 2.71bn pesos in 2011 driven by the Wavin acquisition and higher prices and volumes. In the fourth quarter the company posted a net loss of 79mn pesos compared to a profit of 103mn pesos year-on-year, Mexichem said in its quarterly consolidated results statement. Sales in 2012 increased 34% to 63.4bn pesos due to higher prices and volumes as a result of organic growth and the incorporation of Wavin in Q2, which contributed with sales of 14.1bn pesos. In the fourth quarter sales rose 38% year-on-year to 14.4bn pesos. Ebitda increased 29% to 13.3bn pesos last year due to higher prices, investments in machinery and equipment, and the incorporation Wavin, whose Ebitda amounted to 1.11bn pesos. Fourth quarter Ebitda rose 8% year-on-year to 2.34bn pesos. Net debt at end-2012 was US$689mn, 26% less than a year before. For Mexichem's full statement, go to this link