Mexico’s Alpek Jumps Most in Five Months After Profits SurgeBen Bain
Alpek SAB, the polyester-manufacturing unit of Mexican conglomerate Alfa SAB, jumped the most since February after profit surged in the second quarter.
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 ($80.8 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 $195 million from a year earlier. The company raised its 2015 projection Wednesday for so-called Ebitda to $585 million.
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