February 21, 2018 / 10:30 PM / 8 months ago

UPDATE 1-Mexico's Mexichem posts smaller 4th-qtr profit

(Adds details from statement and context)

MEXICO CITY, Feb 21 (Reuters) - Mexican chemicals and plastic pipe maker Mexichem on Wednesday posted a lower fourth-quarter profit as it took a hit from a decision to not rebuild a petrochemical plant in southeastern Mexico badly damaged in a deadly explosion last year.

The company posted a fourth-quarter profit of $14.4 million, down almost 80 percent from the year-earlier quarter.

That was due to a $144.6 million loss from discontinued operations, mostly from its December decision to not rebuild its vinyl monochloride plant run by Petroquimica Mexicana de Vinilo (PMV), a joint venture with state oil company Pemex.

In April 2016, the vinyl petrochemical plant in the Gulf coast state of Veracruz majority owned by Mexichem exploded, killing more than 30 people.

Mexichem’s revenue grew to $1.468 billion in the fourth quarter, from $1.278 billion a year earlier. (Reporting by Mexico City Newsroom; Editing by Lisa Shumaker)

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