MEXICO CITY (Reuters) - Mexican conglomerate Alfa posted a 14.4 percent rise in first quarter net profit on Wednesday, boosted by stronger margins and volumes in its polyester unit and higher domestic sales of processed food.
The company (ALFAA.MX), which competes in industries from food packaging to car parts to petrochemicals, said profit was 3.554 billion pesos ($194 million), compared to 3.106 billion pesos in the year-earlier quarter.
Revenue rose across all the company’s different units, and overall was 5 percent higher at 85.850 billion pesos. After a tough 2017, Alfa’s share price has risen more than 6 percent so far this year.
Petrochemicals unit Alpek, which in January announced a financing deal for troubled client M&G Polimeros Mexico, benefited from higher polyester prices. Packaged foods unit Sigma saw higher volumes in Mexico, Alfa said on Wednesday.
The company is hunting for a new Chief Financial Officer after Ramon Leal left the firm in March over a fine from country’s banking regulator for insider trading.
Alfa expects to generate total revenue of $17.4 billion this year.
Reporting by Christine Murray; Editing by Anthony Esposito and Alistair Bell