UPDATE 1-Mexico's Alfa profit boosted by petrochemicals, auto parts
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MEXICO CITY, April 14 (Reuters) - Mexican conglomerate Alfa on Thursday reported a first-quarter profit, bolstered by its auto parts subsidiary and improved margins for its petrochemical products, as well as consolidation of its telecoms company Axtel.
Monterrey-based Alfa said it earned $142 million in the first quarter, compared to a net loss of $127 million in the year-earlier period.
In the year-earlier period the company had also been hit by higher financing costs, a loss on the value of its investment in Colombia-based oil company Pacific Exploration & Production Corp , and depreciation in the peso.
Overall revenue was down 7 percent in the first quarter versus a year earlier, falling in four of its five divisions.
Alfa, formally known as Alfa SAB de CV, has said that it expects revenue to fall 3 percent this year, dragged down by its energy services unit Newpek due to sliding oil prices.
In late February, Newpek suspended some exploration and drilling projects in the United States, citing low oil prices, though it said it would continue production at existing wells in the United States.
Alfa said earlier this month that it had not yet made a binding restructuring proposal for Pacific Exploration & Production after Bloomberg reported that Alfa had made a bid for the company. (Reporting by Christine Murray; Editing by Diane Craft)
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