Mexichem's 1st-qtr profits fall on currency, financing costs
MEXICO CITY, April 21 (Reuters) - Mexican chemicals and plastic pipe maker Mexichem on Tuesday reported a sharply lower first-quarter profit, hurt by currency exchange losses and higher financing costs.
The company reported a first-quarter profit of $18.97 million, down 61.5 percent compared with the first-quarter of 2014, when the company reported a profit of $49.2 million.
Revenue for the quarter was $1.44 billion, compared with $1.33 billion over the same period the previous year.
In its previous quarterly report, Mexichem said it would take a cost hit of $9 million in the first quarter of 2015 and $4 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. (Reporting by Gabriel Stargardter; Editing by Alan Crosby)
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