July 25, 2018 / 11:52 PM / 24 days ago

UPDATE 1-Mexico's Mexichem raises guidance after strong results

(Recasts with new guidance)

MEXICO CITY, July 25 (Reuters) - Mexican plastic pipe-maker Mexichem raised its earnings before interest, tax, depreciation and amortization (EBITDA) guidance for the year on Wednesday, after reporting its second-quarter net profit had more than doubled.

The company now expects its 2018 EBITDA will grow between 25 and 30 percent compared to last year, up from the 20 to 25 percent it said previously.

Mexichem reported net profit of $162 million between April and June, compared to $67 million in the year-earlier period, helped by the integration of Israeli irrigation firm Netafim as well as higher sales.

Revenue was $1.968 billion during the quarter, up 35 percent compared to the same quarter last year. (Reporting by Noe Torres Editing by Christine Murray and Sandra Maler)

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