July 17, 2020 / 2:22 PM / 17 days ago

Mexico's Newpek to close sale of U.S. assets later this year

MONTERREY (Reuters) - Newpek, a unit of Mexican conglomerate Alfa, will complete the sale of the majority of its U.S. assets in the second half of the year, said Eduardo Escalante, chief financial officer for parent company Alfa, in a call with analysts on Friday.

Newpek, Alfa’s hydrocarbons business, on Thursday posted a 55% drop in second-quarter revenue compared with the year-earlier period.

Alfa (ALFAA.MX) overall registered a net loss of about $91 million due to the coronavirus pandemic.

Shares in the Monterrey-based firm rose 3.95% late Friday afternoon, after falling more than 6% in early trading.

Reporting by Laura Gottesdiener and Abraham Gonzalez; Editing by Richard Chang

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