April 23, 2015 / 8:55 PM / in 3 years

UPDATE 1-Mexico's Alfa reports second consecutive quarterly loss

(New throughout, adds details on loss, revenue)

MEXICO CITY, April 23 (Reuters) - Mexican conglomerate Alfa on Thursday reported its second consecutive quarterly loss, hurt by higher financing costs and the devaluation of its investment in Canada’s Pacific Rubiales Energy.

The company, which controls petrochemical, car parts and refrigerated foods businesses, lost 1.87 billion pesos ($123 million), compared to a profit of 1.698 billion pesos in the year-earlier period.

Alfa said its revenue rose 18 percent, boosted by a pickup in sales at its cold foods unit Sigma.

Offsetting the sales increase was the decline in the Mexican peso that meant Alfa paid more to service dollar-denominated debt.

The company also took a hit as Pacific Rubiales shares slid 58 percent in the quarter. Alfa holds about 17 percent of Pacific Rubiales, Colombia’s second-biggest crude producer.

Shares in Alfa closed down 0.8 percent at 32.35 pesos before the company reported its results.

$1 = 15.2610 pesos at end March Reporting by Elinor Comlay; Editing by David Gregorio

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