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UPDATE 1-Mexichem 2nd-quarter profit falls by almost half
July 26, 2013 / 7:36 PM / 4 years ago

UPDATE 1-Mexichem 2nd-quarter profit falls by almost half

MEXICO CITY, July 26 (Reuters) - Mexican chemicals maker Mexichem on Friday reported its second-quarter profit fell by almost half as revenue declined and expenses rose, in line with the company’s outlook earlier this month.

Quarterly profit fell to 812 million pesos ($62.6 million) from 1.553 billion pesos in the same period a year earlier.

Revenue fell 3.8 percent to 16.968 billion pesos from 17.634 billion pesos a year earlier.

Mexichem, which also make plastic pipes, said earlier this month it expected a lower second-quarter profit and a 4 percent drop in revenue.

The company said the weaker results were due to lower refrigerated gas prices, infrastructure project delays in Latin America and Europe’s weak economy.

Mexichem shares were up 0.4 percent at 58.10 pesos.

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