Mexico’s Alfa says second-quarter net profit jumps 68 percent

7/26/2017 Reuters

manufacutiringMexican conglomerate Alfa (GMEXICOB.MX) on Wednesday posted a 68 percent year-on-year surge in net profit for the second quarter, citing increased sales and a more favorable exchange rate.

The company, which manufactures car parts, petrochemicals and other products, said in a report to Mexico’s bourse that it earned 1.37 billion pesos ($75.6 million) in net profit over the three-month period.

In recent quarters, Alfa’s results have been undercut by the peso currency’s volatility.

Alfa’s food unit Sigma, for example, was hit by currency fluctuations on both sides of the ledger in the first quarter as it paid more for materials purchased in dollars, while its earnings suffered as it sells goods in pesos.

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