July 18, 2018 / 8:21 PM / a year ago

Mexico's Alfa quarterly profit soars, boosted by petrochemicals

MEXICO CITY (Reuters) - Mexican conglomerate Alfa said on Wednesday that its net profit more than doubled in the second quarter compared to the year-earlier period, helped by a record quarter at its petrochemicals unit Alpek.

Alfa (ALFAA.MX), which has units in industries such as food packaging and car parts, said net profit was 3.59 billion pesos ($180 million) between April and June, compared to 1.37 billion pesos last year.

Revenue rose 19 percent to 93.7 billion pesos.

The results were helped by petrochemicals unit Alpek, which benefited from higher oil and raw materials prices, as well as the consolidation of Brazil’s Petroquimica Suape and Citepe, the company said.

Alpek’s earnings before interest, tax, depreciation and amortization (EBITDA) hit a record high, according to the company.

Earlier this year, the company said it had teamed up with Thailand’s Indorama Ventures (IVL.BK) and Taiwan’s Far Eastern to buy a chemical plant in Corpus Christi, Texas, as well as other assets.

On Wednesday Alfa said it was in the process of getting government approvals for the operation.

Reporting by Christine Murray and Sheky Espejo; Editing by James Dalgleish

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