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Mexico's Mexichem reports sharply lower 1st-qtr profit
April 26, 2013 / 6:35 PM / in 4 years

Mexico's Mexichem reports sharply lower 1st-qtr profit

April 26 (Reuters) - Mexican pipe and chemical maker Mexichem said on Friday its first-quarter profit fell by more than half, hurt by a stronger peso and a slowdown in infrastructure projects at the start of the year.

The company reported a profit of 836 million pesos ($68 million), down from 1.814 billion pesos in the year-earlier period.

Revenue increased 15 percent to 15.5 billion pesos, helped by higher prices, the company said.

Mexichem said it is still on track to meet growth expectations this year.

The company said last month it expected 2013 sales and earnings before interest, taxes, depreciation and amortization (EBITDA) to be similar to 2012 figures.

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