The world’s largest producer of aluminum engine heads and blocks was expected to report third quarter losses of $103 million yesterday from losses tied to currency derivatives, Bloomberg News reports.

Mexico’s Alfa SAB told investors it would report losses on derivatives, mostly tied to the peso, which has significantly depreciated against the U.S. dollar in recent months.

The company may report a loss of 1.32 billion pesos ($103 million), or 2.36 pesos per share, according to an estimate from the Mexico City-based brokerage Actinver SA. Net income was 243 million pesos in the same quarter a year ago.

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