Alfa SAB (ALFAA), Mexico’s largest publicly traded producer of petrochemicals and processed meats, said first-quarter net income rose 36 percent to 3.19 billion pesos ($243 million).
Net income in the same period a year earlier was 2.35 billion pesos, the company said in a statement to the Mexican stock exchange. Alfa, which is based in San Pedro Garza Garcia, said first-quarter revenue was 49.6 billion pesos, up from 42.2 billion pesos a year earlier.
The company’s auto-parts business “performed better than expected” during the first three months of the year, said Alfa Chief Executive Officer Alvaro Fernandez.
“Our petrochemicals company posted strong results, as has been the case in the past three years,” he said in an e-mailed statement. “Profits in our food and telecom businesses improved, and our hydrocarbons subsidiary continued to make progress in developing its business plan.”
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