October 15, 2018 / 9:00 PM / a month ago

UPDATE 1-Petrochemicals unit pushes Mexico's Alfa to profit

(Adds results details, prior forecast)

MEXICO CITY, Oct 15 (Reuters) - Mexican conglomerate Alfa on Monday reported a third-quarter net profit compared to a loss in the year-earlier quarter, helped by stronger margins in its Alpek petrochemicals unit.

Alfa, which also has food packaging and car parts businesses, posted net profit of 1.36 billion pesos ($73 million).

Alpek helped boost overall results due to higher polyester margins, oil prices, and the acquisition of Brazil’s Petroquimica Suape and Citepe.

Revenue for the quarter rose 23 percent to 93.94 billion pesos.

In the same period last year, Alfa reported a large loss in part due to financial problems of an Alpek client that was overdue on its bills.

In July, Alfa raised its forecast for 2018 earnings before interest, tax, depreciation and amortization (EBITDA) to $2.365 billion from $2.17 billion.

$1 = 18.7175 pesos at end-September Reporting by Christine Murray, Editing by Daina Beth Solomon and Bill Berkrot

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