Mexican conglomerate Alfa said on Thursday its first-quarter net profit more than doubled, driven by its petrochemical unit, which benefited from China's increased demand for polyester and nylon. Monterrey-based Alfa (ALFAA.MX) earned 2.5 billion pesos ($210 million) in the quarter that ended in March, up from 1.1 billion pesos in the same period a year earlier, according to a filing with the Mexican stock exchange. Revenue rose nearly 31 percent to 42.2 billion pesos. Alfa's petrochemical unit Alpek, posting stronger sales from the recent acquisition of operations in South Carolina, benefited from higher demand for key materials used in textiles from Asia amid higher cotton prices.
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