UPDATE 1-Grupo Mexico profit falls almost 40 pct, hit by lower revenue
(Updates with revenue and background)
MEXICO CITY Oct 27 (Reuters) - Mexican mining, rail and infrastructure company Grupo Mexico said on Tuesday its third-quarter net profit fell nearly 40 percent compared with the year-earlier period, hit by a drop in sales.
Grupo Mexico posted a net profit of $297 million for the three-month period, down from $485 million in the same quarter a year earlier.
Revenue for the quarter dropped 22 percent to $1.9 billion.
Metals prices have gone down in recent years and the company has come to rely more on its rail division. Grupo Mexico decided, however, to postpone an initial public offering of its rail unit ITM that was planned for June.
It is not clear when the offering will now take place. (Reporting by Joanna Zuckerman Bernstein; Additional reporting Gabriel Stargardter; Editing by Lisa Shumaker)
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