(Adds revenue, details from company’s conference call)
MEXICO CITY, Oct 20 (Reuters) - Mexican conglomerate Alfa on Tuesday reported a more than threefold increase in third-quarter profit, due to higher sales and lower financial costs and taxes.
Alfa, which controls petrochemical, car parts, and refrigerated food businesses, posted a net profit of 2.675 billion pesos ($158 million) compared with 721 million pesos in the year-earlier period.
Revenue jumped 10 percent in the quarter from the year-earlier period, to 67.4 billion pesos.
Ramon Leal, Alfa’s chief financial officer, told reporters in a conference call that an initial public offering of the company’s refrigerated food unit Sigma would not happen this year, as the company is waiting for more stable market conditions.
Leal also said the company is studying the possibility of using a new investment vehicle in Mexico known as “Fibra E” to raise funding for future projects.
$1 = 16.933 pesos at end of September Reporting by Joanna Zuckerman Bernstein, Gabriela Lopez and Anna Yukhananov; Editing by Leslie Adler