the mexican conglomerate Alphaone of the largest in the country, reported on Tuesday a net loss of 252.44 million pesos (about 14 million dollars) in the first quarter of the year, due to weak data from its subsidiary Alpek.
The loss in the first three months of the year is compared to a profit of 4,322 million pesos in the same period of 2022, since its plastics and chemical products division Alpek had lower prices and volumes.
“First quarter 2023 results were in line with full-year consolidated guidance, driven by growth in Sigma“said CEO Álvaro Fernández in the results report.
Alfa’s losses were partially offset by a 16% revenue increase at food subsidiary Sigma.
The company also signaled a reduction in its capital investment for 2023 to $622 million, from the $732 million it had previously announced.
In the same document, the conglomerate indicated that its total revenues fell 8.6% year-on-year to 76.370 million pesos, and that its EBITDA —earnings before taxes, interest, depreciation and amortization— fell 44% to 7.030 million pesos.
