(Adds details from divisions)
MONTERREY, Mexico, July 21 (Reuters) - Mexican conglomerate Alfa on Wednesday reported a net profit of 1.99 billion Mexican pesos ($99.9 million) for the second quarter, as the company continues to rebound from the pandemic.
The results were a sharp reversal from Alfa’s net loss of 2.09 billion pesos for the same quarter last year.
Monterrey-based Alfa reported total sales of 74.8 billion pesos, a 14.9% increase over sales from the same period last year.
“Second-quarter results highlight the quick recovery of our core businesses amid the continued rebound in global economic activity,” said Alfa President Alvaro Fernandez in a statement accompanying the earning results.
Alfa’s petrochemical division, Alpek, which accounted for 50% of the quarterly revenue, saw its revenue growth driven by strong demand and higher average prices amid the rise in paraxylene, propylene and other feedstock prices, the company said.
Alfa’s food services division, Sigma, the company’s second-largest division, continued to bounce back from the pandemic, although revenues remain only about 83% of pre-pandemic (2019) levels.
$1 = 19.9470 Mexican pesos at end of June Reporting by Laura Gottesdiener in Monterrey and Noe Torres in Mexico City; writing by Laura Gottesdiener; Editing by Leslie Adler and Lisa Shumaker