Vancouver-based Methanex (TSX:MX) has been hit with a significant quarterly drop in earnings.
The company, which produces, distributes and markets methanol, reported a first-quarter net income of $65 million in the period ending March 31 compared with $172 million for the company's previous quarter. Its first-quarter 2007 net income was $145 million.
Methanex said its earnings dropped in part because the price of methanol has fallen since December.
Methanex has production operations in Chile, Trinidad and New Zealand. It's also developing a new facility in Egypt.
Methanex's share price range during the past week: between $26.51 and $27.60; 52-week high: $30.50; 52-week low: $20.90.