Alpek announced consolidated earnings results for the third quarter and nine months of 2017. For the quarter, the company revenue increased 6% versus third quarter of 2016 and was flat quarter-on-quarter as mixed volume growth was offset by higher average consolidated prices in both business segments. Third quarter 2017 comparable EBITDA was $108 million, 9% higher than the previous quarter, driven by a 20% increase in comparable Polyester EBITDA. Third quarter consolidated EBITDA was $3 million, including the $113 million M&G provision and a $9 million noncash inventory gain. Company posted a third quarter consolidated majority net loss of $400 million, including an aggregate impact of $460 million from nonrecurring provisions and impairment associated to M&G. Adjusting for the M&G impact, company's majority net income in the third quarter was $16 million. At the end of the third quarter, net debt was $1.2 billion, up 30% year-over-year and 13% versus the previous quarter. The aggregate net impact to its third quarter of 2017 consolidated net income was $420 million.

For the nine months, the company reported net loss $289 million, including an aggregate impact of $460 million from nonrecurring provisions and impairment associated to M&G. Adjusting for the M&G impact, company's majority net income was $127 million. On an absolute basis, net debt increased in third quarter of 2017 was $135 million of the total $151 million.

Base case is to resume PTA supply to M&G in the short term. But even in an extreme full M&G shutdown scenario for 2018, they expect EBITDA to recover back to a range of $450 million to $500 million.