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UPDATE 1-Mexico’s Alfa deepens losses in fourth quarter on petrochem slide

(Updates with additional detail)

MEXICO CITY, Feb 20 (Reuters) – Mexican conglomerate Alfa on Tuesday posted a fourth-quarter net loss of $652 million, sliding even more from the losses seen a year ago on weak performance from petrochemical subsidiary Alpek.

Sales at Alpek slipped 31% year-over-year, Alfa said in a release, as both prices and volumes dropped.

Alpek was also impacted in December by the “abrupt” depreciation of the Argentine peso, Alfa said, as the new government of President Javier Milei

slashed the currency’s value

over 50% compared to the dollar as a shock measure to put the beleaguered South American nation’s economy back on track.

The Monterrey-based Alfa, whose business lines also include food subsidiary Sigma, said the unit’s growth was able to partially offset Alpek’s performance.

Revenues from Sigma grew 10% year-over-year in the fourth quarter on growth in all regions, Alfa said. For the conglomerate, revenue for the last three months of 2023 dropped 13% from the year-ago period to $3.89 billion. (Reporting by Kylie Madry; Editing by Brendan O’Boyle)


Source

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