Grupo Mexico 4Q Net Profit Up 0.2% On Year At $558.7 Million
10 February 2012 - 3:24AM
Dow Jones News
Mexican mining and railroad company Grupo Mexico SAB
(GMEXICO.MX) said Thursday that its net profit edged up 0.2% in the
fourth quarter from a year earlier, as revenue rose on greater
metals production and increased demand for railway freight.
Grupo Mexico reported net income of $558.7 million for the
October-December period, compared with $557.6 million in the same
period of 2010. Sales rose 7.6% to $2.49 billion from $2.1 billion,
while earnings before interest, taxes, depreciation and
amortization, or Ebitda, rose 3.3% to $1.24 billion from $1.2
billion.
Grupo Mexico runs copper and other mines in Mexico, Peru, and
the southwest U.S., as well as Mexican railways and infrastructure
projects.
Mining unit Southern Copper Corp. (SCCO, SCCO.VL) reported net
profit of $537 million for the quarter.
Southern Copper, which runs the Mexican and Peruvian mines, said
full-year 2011 copper output last year rose 23% to 587,491 tons,
compared with 478,527 tons in 2010.
Copper sales by volume, including Grupo Mexico's U.S. mining
unit Asarco, were 790,000 tons in all of 2011, a 12.6% increase
over 2010.
Grupo Mexico said its transportation division increased sales by
14% in 2011 to $1.63 billion. The railways transported a record
amount of freight last year, and Grupo Mexico said it expects
further increases in 2012, led by demand from the auto
industry.
-By Anthony Harrup, Dow Jones Newswires; (5255) 5980 5176,
anthony.harrup@dowjones.com
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