HOUSTON (ICIS)--Mexican polyester producer Alpek reported that its fourth-quarter net income rose because of higher sales and a non-cash benefit from an acquisition.
That benefit totalled $220m because of the acquisition of Petroquimica Suape, the polyester terephthalate (PET) business of Brazilian state energy producer Petrobras.
Fourth-quarter gross profit rose because of higher sales.
The following table summarises Alpek's Q4 performance. Figures are in millions of pesos.
|m Ps||Q4 18||Q4 17||Change|
|Cost of sales||31,245||21,941||42.4%|
The following table shows the performance of Alpek's segments. Unlike the company-wide results, the sales and earnings figures are in millions of dollars, not millions of pesos.
|Volumes||Q4 18||Q4 17|
|Plastics & chems||210,000||224,000|
|Plastics & chems ($m)||400||388|
|Plastics & chems ($m)||52||64|
For the polyester segment, revenue rose because of higher volumes and sales prices. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose because of a recovery in margins and because of the acquisition from Petrobras.
For plastics & chemicals, volumes fell but average selling prices were mixed. EBITDA fell because of higher costs for feedstock caprolactam, which was caused by constraints in domestic supply, Alpek said.
Alpek is part of the Mexican industrial conglomerate Grupo Alfa.