Mexico - Alpek Q1 revenue up 13% year-on-year on high polyester sales
Dated- 11 Apr , 2012 - Mexico
Mexican petrochemical producer Alpek had revenues of $1.896 billion for the first quarter, up 13% from $1.378 billion in the same quarter of 2011, as a result of higher sales in the polyester chain, the company said Wednesday.
In a filing to the Mexican Stock Exchange reporting its Q1 preliminary results, the company said that its EBITDA in the quarter rose by 22% to $195 million, compared with $178 million recorded in the same period of 2011.
In Q1, the company said sales volume in the polyester segment (PTA, PET, among others) rose by 11%, without specifying the amounts, because of strong demand in North America.
Meanwhile, the plastics and chemical specialities segment's (expandable polystyrene and polypropylene, caprolactam) sales volume increased 5% because of higher polypropylene sales.
During Q1, Alpek's net debt amounted to $1.209 billion, 2% higher than the first quarter of 2011, the company said.
In Q1, Alpek invested $12 million in different projects, including one to generate 95 MW of electricity and steam for Alpek's PTA and PET plants in the Cosoleacaque petrochemical complex located in the state of Veracruz, and other companies of its holding company Alfa, the filing said.
The project is expected to last two years with a total investment of $130 million.