July 27, 2017 / 3:04 PM / a year ago

UPDATE 1-Mexico's Grupo Mexico posts increase in Q2 net profit

(Updates with more details from report)

MEXICO CITY, July 27 (Reuters) - Profit at Mexican mining, rail and infrastructure company Grupo Mexico rose by 60 percent in the second quarter, lifted by lower taxes and higher sales, results published by the company showed on Thursday.

Net profit at the company jumped to $557 million from $348 million in the second quarter of last year, the company said in a filing to the Mexican stock exchange.

Revenues at Grupo Mexico rose to $2.25 billion in the April-June period from $2.09 billion in the same quarter a year earlier, an increase of 7.7 percent.

A statement, the company said production of zinc, copper, silver and gold declined in the first half of the year.

Shares in the company were down 0.58 percent as of 1456 GMT.

Taxes on profit fell to $86 million from $259 million in the same quarter a year earlier, the results showed. It was not immediately clear what caused the decline in the tax burden. The company is due to hold an earnings call on Thursday.

According to a separate measure also published by Grupo Mexico based on United States Generally Accepted Accounting Principles, net profit at the company rose to $378 million in the quarter from $350 million a year earlier. (Reporting by Mexico City Newsroom)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below