MEXICO CITY, Oct 23 (Reuters) - Billionaire businessman Carlos Slim’s conglomerate Grupo Carso on Thursday reported a sharp drop in its third-quarter profit in comparison with the year-earlier period in which the company recorded a gain from selling its stake in Philip Morris Mexico.
The company, which includes pipeline- and cable-laying businesses along with infrastructure and energy companies, reported a profit of 1.433 billion pesos ($107 million), down from 8.694 billion pesos in the year-earlier period.
The year-earlier period included the 8.383 billion sale of Carso’s 20 percent stake in Philip Morris Mexico.
Grupo Carso reported third-quarter 2014 revenue slipped 7 percent to 19.5 billion pesos.
The company earlier this month said it was spinning off around $571 million of assets to form three separate drilling companies. ($1 = 13.4235 pesos at end-Sept) (Reporting by Elinor Comlay; Editing by Bernard Orr)