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Quarterly profit soars, boosted by petrochemicals

August 09/2018

MOSCOW (MRC) - Mexican conglomerate Alfa said 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, as per Reuters.

Alfa, which has units in industries such as food packaging and car parts, said net profit was 3.59 billion pesos (USD180 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 Brazils Petroquimica Suape and Citepe, the company said.

Alpeks 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 Thailands Indorama Ventures (IVL.BK) and Taiwans Far Eastern to buy a chemical plant in Corpus Christi, Texas, as well as other assets.

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

As MRC informed before, in late December 2016m, Petrobras said its board had approved the sale of two petrochemical companies, Petroquimica Suape and Citepe, to Mexico's Alpek SAB de CV for USD385 million.

Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.

Alpek is the petrochemicals unit of Mexican conglomerate Alfa.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil, Alpek.
Category:General News
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