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Net profit at Mexico's Alfa up 22 pct in first quarter

(Adds reason for profit, details on revenue, comparison to 1st-qtr of 2016)

MEXICO CITY, April 24 (Reuters) - Mexican conglomerate Alfa on Monday posted a first-quarter net profit of 3.1 billion pesos ($166 million) on currency exchange gains from foreign-denominated debt as the peso strengthened against the dollar during the quarter.

The result came in below the mean market estimate of 4.785 billion pesos, according to Thomson Reuters I/B/E/S.

Net profit at the Monterrey-based autoparts, petrochemicals and processed meats conglomerate was up 22 percent compared to the same period in 2016 when it stood at 2.5 billion pesos.

Alfa reported revenue of 81.4 billion pesos during the quarter, up 19 percent compared to the same period last year due to an exchange rate that boosted revenue, the company said in a statement to the Mexican stock exchange.

The Mexican peso appreciated 9 percent against the U.S. dollar during the January-March period. ($1 = 18.7275 on March 31) (Reporting by Noe Torres and David Alire Garcia; Editing by Sandra Maler)