In the third quarter, revenues were 1,956 million dollars, falling 33.7% compared to the same period in 2022. The decrease in revenue continues with the effect of lower demand after the normalization of freight prices from Asia and the normalization of reference prices.
By division, polyester revenues have persistently decreased due to the saturation of Asian imports in the market, while sales in plastics and chemicals fell 38.7%.
“The company continues to experience the normalization of oil prices and the adjustment in demand, which has affected both its sales and its Ebitda. However, we consider that the company is beginning to witness catalysts that could change its trend. One of them being a rebound in energy prices as a consequence of adjustments in global supply and various situations that could provide relief in the short term, starting to take effect during the fourth quarter,” said Álvaro Hernández, Intercam analyst.
Hernández stressed that during the quarter the company went through various restructuring processes such as: the closure of the filament production plant and the pause in the construction of the Corpus Christi Polymers plant.