MOSCOW (MRC) -- Mexican chemicals and plastic pipe maker Mexichem reported a sharply lower first-quarter profit, hurt by currency exchange losses and higher financing costs, said Reuters.
The company reported a first-quarter profit of USD18.97 million, down 61.5 percent compared with the first-quarter of 2014, when the company reported a profit of USD49.2 million.
Revenue for the quarter was USD1.44 billion, compared with USD1.33 billion over the same period the previous year.
In its previous quarterly report, Mexichem said it would take a cost hit of USD9 million in the first quarter of 2015 and USD4 million in the second quarter, to restructure its operations.
Mexichem shares closed up 0.23 percent at 42.71 pesos before the company reported results.
As MRC informed earlier, Mexichem, Mexican PVC and specialty chemicals maker, has announced that it completed the acquisition of Vestolit GmbH on 1 December 2014. Mexichem completed the acquisition after receiving all relevant regulatory approvals. Vestolit was acquired from funds managed by Strategic Value Partners LLC for a total purchase price of EUR219 million in cash and assumed liabilities.
Mexichem, of Tlalnepantla, an industrial municipality close to Mexico City, is Latin AmericaпїЅs largest manufacturer of PVC pipe, vinyl resins and compounds. The company has annual revenues of more than USD5 billion and has been listed on the Mexican Stock Exchange for more than 30 years.
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