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MEXICO CITY, Oct 14 (Reuters) - Mexican conglomerate Alfa on Tuesday said its third-quarter profit fell 67.4 percent from the year-earlier quarter, due to exchange rate losses.
The company, which controls petrochemical, car parts and refrigerated foods businesses, reported quarterly profit of 721.47 million pesos ($53.75 million), compared with 2.21 billion pesos in the year-earlier period.
“The reduction is explained mainly by exchange rate losses after the peso depreciated during the quarter,” the company said in a statement.
The company said the quarter’s exchange rate losses totaled 1.67 billion pesos.
Revenue for the quarter was up 16.5 percent compared with the same quarter last year at 61.13 billion pesos.
Separately, Alfa’s petrochemical subsidiary Alpek reported that its third-quarter profit fell 26.7 percent to 394.04 million pesos.
Alfa’s shares were down 0.07 percent at 42.49 pesos before the results were announced. Alpek shares ended the day down 0.47 percent at 23.43 pesos.
$1 = 13.4235 pesos at end-September Reporting by Gabriel Stargardter; Editing by Jonathan Oatis