CORRECTED - Mexico Mexichem posts 1.3 bln peso loss in quarter

(Corrects dollar conversion in first paragraph to $92.5 million from $926 million)

MEXICO CITY, Feb 25 (Reuters) - Mexichem, one of Latin America's biggest chemical companies, said on Wednesday it had a net loss of 1.28 billion pesos ($92.5 million) during the fourth quarter as financing costs spiked due to exchange rate weakness.

Mexichem (MEXCHEM.MX) said its fourth-quarter loss compared to a majority net profit, attributable to common shareholders, of 431 million pesos in the same period in 2007.

Financing costs soared due to exchange rate losses, the company said in a statement filed with the Mexican stock exchange.

Mexico's peso lost 21 percent of its value against the dollar during the fourth quarter.

Fourth-quarter sales at Mexichem, a producer of hydrofluoric acid, PVC piping and other chemical products, rose 24.6 percent over the year-ago period to 8.45 billion pesos.

Earnings before interest, taxes, depreciation and amortization, or EBITDA, grew 1 percent during the last quarter of 2008 to 1.274 billion pesos.

During 2008, Mexichem bought seven companies, located in Mexico, Brazil, Colombia and Peru. Even so, the company said net debt fell $65 million to $588 million during the year.

The company reported a net cash position of $292 million at the end of 2008, which it said will allow it to cover its short-term debt payments.

Due to current financial volatility and economic uncertainty, the company said it could not provide full year guidance, but said it expected sales and EBITDA to grow 3 percent in dollar terms during the first quarter. ($1=13.815 pesos at end-December) (Reporting by Michael O'Boyle, editing by Leslie Gevirtz)