May 4, 2017 / 12:15 AM / a year ago

UPDATE 1-Mexican miner Grupo Mexico's net profit slips in first quarter

(Adds details on earnings)

MEXICO CITY, May 3 (Reuters) - Mexican mining, rail and infrastructure company Grupo Mexico on Wednesday reported a 10.75 percent year-on-year drop in its net profit in the first quarter, hurt by a slip in copper output higher costs.

The company, one of the world’s top copper producers, said in a report to Mexico’s market bourse that it earned $412.4 million in net profit from January through March. Analysts had forecast $430 million, according to Thomson Reuters I/B/E/S.

Copper prices surged in the first quarter from the same period in 2016, but Grupo Mexico said its output of the red metal slipped 6 percent on the closure of operations of its Asarco unit. Its silver and gold output was also down slightly.

Grupo Mexico faced higher costs, financial spending and taxes on profit, though it reported a 17.8 percent rise in revenue.

Grupo Mexico’s mining company Southern Copper Corp said earlier on Wednesday that its first-quarter net profit rose 70 percent from the same period a year ago.

Reporting by Adriana Barrera and Mitra Taj; Editing by Leslie Adler

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