MOSCOW (MRC) -- Alpek SAB, the polyester-manufacturing unit of Mexican conglomerate Alfa SAB, jumped the most since February after profit surged in the second quarter, said Bloomberg.
Shares climbed 4 percent to 24.16 pesos at 9:09 a.m. in Mexico City, the best performance on the benchmark IPC equity index, which dropped 0.2 percent. Alpek earlier gained 7.7 percent, the biggest intraday advance since Feb. 24. Alfa increased 2.4 percent to 33.50 pesos.
Alpek’s net income in the last quarter was 1.3 billion pesos (USD80.8 million), compared with a forecast of 549 million pesos from Banco Bilbao Vizcaya Argentaria SA. Earnings before interest, taxes, depreciation and amortization rose 55 percent to USD195 million from a year earlier. The company raised its 2015 projection Wednesday for so-called Ebitda to USD585 million.
The company cancelled a joint venture (JV) with Russia’s United Petrochemical Co (UPC) to build a purified terephthalic acid (PTA) and polyethylene terephthalate (PET) plant in Russia’s independent republic of Bashkortostan.
Alpek is the largest petrochemical company in Mexico and the second largest in Latin America. The company operates through two business segments: Polyester chain products (PTA, PET and polyester fibers), and Plastics and Chemicals products (PP, EPS, caprolactam, polyurethanes and other specialty and industrial chemicals). Alpek is a leading producer of PTA and PET worldwide, operates the largest expandable polystyrene plant in America and one of the largest polypropylene plants in North America. It is also the only producer of caprolactam in Mexico.
MRC