UPDATE 1-Grupo Mexico profits drop in second quarter, metal prices bite

lunes 25 de julio de 2016 11:04 GYT
 

(Adds details from report, sales)

July 25 (Reuters) - Profit at Mexican mining, rail and infrastructure company Grupo Mexico fell 4.3 percent in the second quarter from the same period in 2015, hit by a drop in industrial metals prices and a depreciation in the peso currency, the company said on Monday.

The company earned a net profit of $350.3 million in the second quarter of this year, compared with $365.9 million in the same period in 2015, it said on its website.

Sales slipped 4.8 percent to $2.089 billion from $2.195 billion the year earlier, it added.

During the April-June period, production of copper was up 22.7 percent at 266,071 tons from the same period of 2015. However, the average price of copper dropped 23.2 percent from the same quarter a year earlier, the company said.

Average prices for zinc and lead also declined compared with 2015, though Grupo Mexico's output of zinc jumped by 43 percent.

The company stepped up production of gold and silver by more than a third, benefiting from slightly higher prices. (Writing by Dave Graham)