October 17, 2019 / 9:34 PM / a month ago

UPDATE 1-Petrochemical, hydrocarbon units drag revenues for Mexico's Alfa

(Adds details, company statement)

MEXICO CITY, Oct 17 (Reuters) - Mexican conglomerate Alfa on Thursday reported double-digit drops in revenue and net profit for the third quarter, with its natural gas and hydrocarbon unit Newpek and petrochemical unit Alpek both posting lower sales.

Revenues for the Monterrey-based company, whose portfolio includes auto parts, telecommunications and refrigerated foods, fell 10.7% to 83.8 billion pesos ($4.3 billion) in the third quarter compared to the year before.

Net profit fell 14.1% to 1.2 billion pesos.

Even so, Chief Executive Officer Alvaro Fernadez said in a statement that the results were in line with investor expectations, and that Alfa was on track to meet full-year operational and financial targets.

Fernandez added that Alfa was “frequently analyzing potential acquisitions” both related and unrelated to the conglomerate’s existing businesses. ($1 = 19.7205 pesos at end-September) (Reporting by Daina Beth Solomon and Stefanie Eschenbacher; Writing by Stefanie Eschenbacher; Editing by Cynthia Osterman)

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