UPDATE 1-Methanex reports higher third quarter profit

* Q3 net income 75 cents/shr

* Q3 revenue $569.9 million

NEW YORK, Oct 22 (Reuters) - Methanol producer Methanex Corp (MX.TO) said on Wednesday its third-quarter profit rose sharply, helped by an increase in purchase methanol margins.

The chemical company posted a net profit of $70.9 million, or 75 cents per share, in the quarter ended Sept 30. That compared with a net profit $23.6 million, or 24 cents per share, in the same quarter a year ago.

Methanex, the world's largest producer of methanol, said revenue in the period was $569.9 million, up from $395.1 million in the year-ago quarter.