Monterrey-based petrochemicals maker Alpek Monday reported an $82 million net profit in the second quarter, down from $95 million in the same period of last year.
In a filing to the Mexico Stock Exchange, Alpek said the reduction was due to minor losses in financial operations. During the quarter, Alpek reported revenues of $1.19 billion, a 1% increase year-on-year.
The quarter was the first since the $850 million IPO of Alpek in April. Previously, Alpek was a subsidiary of the Alfa industrial group, whose other interests include chilled foods, auto parts and telecommunications.
Jose de Jesus Valdez, chief executive of Alpek, said the company's polyester business remains strong thanks to its close relationship to the food and drinks industry of North America.
"Plastics and chemicals reported good results, except for caprolactam, which depends substantially on exports to Asia," Valdez added.
Largely thanks to the IPO, Alpek's net debt stood at $564 million at the end of the second quarter, down from $645 million a year earlier.
Alpek has plants in Mexico, the US and Argentina.
During the second quarter, Alpek began construction of a $130 million co-generation plant at its PTA/PET complex in Mexico's southern Gulf state in Veracruz. The plant is due to open in 2014.
