(Adds details on lowered guidance)
MEXICO CITY, July 15 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)