UPDATE 2-Mexico's Alfa lowers 2014 core profit expectations
(Adds details on lowered guidance)
MEXICO CITY, July 15 (Reuters) - Mexican conglomerate Alfa on Tuesday lowered its 2014 core profit expectations slightly after weak results from its petrochemical unit Alpek in the first half of the year.
Alfa cut its expected 2014 core profit, or earnings before interest, taxes, depreciation and amortization, to $1.95 billion from $1.97 billion.
The petrochemical unit Alpek earlier said it was lowering its 2014 core profit forecast by 12 percent to around $500 million after weak sales. In February, it said it expected a core profit of $570 million in 2014.
Alpek, which reported results on Monday, said its second-quarter revenue fell 11 percent, hurt by lower sales from its polyester unit. The company said on Tuesday it expects results to recover gradually in the second half of the year.
Alfa on Monday said its petrochemical unit put a dampener on results even as autoparts unit Nemak drove a slight increase in overall revenue. (Reporting by Elinor Comlay; Editing by W Simon, Bernard Orr)
- Russian-backed separatists enter southeast Ukraine town
- U.S. air strikes on Syria would face formidable obstacles
- Samsung unveils smartwatch that can make calls
- FBI, Secret Service investigate reports of cyber attacks on U.S. banks
- Breakthrough hopes dented as Ukraine accuses Russia of new incursion |