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Alpek reports 61% drop in first-quarter net income

4:29 AM MDT | April 17, 2014 | Francinia Protti-Alvarez

Alpek (San Pedro Garza García, Mexico) reports $24 million in net income during the first quarter, 61% down year-on-year (YOY) but a significant improvement from the $9-million loss recorded in the fourth quarter of last year. Ebitda was $105 million during the first quarter, down 34% YOY. Revenue totaled $1.6 billion, 14% lower YOY, because of lower prices, the company says. "First-quarter results largely reflect the challenges that we had anticipated heading into 2014. We will continue proactively implementing cost-saving initiatives to mitigate...

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