Mexichem Reports First Quarter Results Quarterly Report Overshadowed by Fatal Accident
Days after a fatal explosion at one of their petrochemical complexes, Mexichem announced its results for the first quarter of 2016.
Tlalnepantla de Baz/Mexico – Despite difficult industry conditions, Mexichem reported Ebidta growth and a net majority income of $ 51 million. According to the company, the financial performance and first quarter profitability was in line with the management's expectations.
"Increasing company-wide returns is a key objective for Mexichem and our first quarter results were a positive step in that direction" the company's management said in the official press release and continued: "A step-change will take place in 2017, when our ethylene cracker joint venture with Oxy Chem is in full production and accretive to our results. We are pleased to report that we have completed almost 80 % of our capital investment in this transformational project, and it is scheduled to begin operations by the end of this year."
In the fourth quarter of 2015 the Company completed a restructuring process in the Fluor Business Group. The restructuring process was prompted by a structural adjustment to adapt the business to current market conditions, and a decision to no longer operate in certain markets where conditions are not suitable to sustain profitability.