Mining giant Grupo Mexico misses estimates
MEXICO CITY - Mining giant Grupo Mexico reported a drop in its net profit during the fourth quarter on Tuesday, missing analysts' estimates and dragged down by losses in its infrastructure division and a smaller profit in its transport unit.
Net profit in the quarter fell 6.5% to $686.5-million, from revenues which were up 13% to $3.85-billion. Analysts polled by LSEG had forecast a net profit of $945-million from revenues of $4.04-billion.
Grupo Mexico, controlled by billionaire German Larrea, is one of the world's largest copper producers with mines in Peru, the US, Spain and its home base of Mexico, where it also operates major freight railroads.
The conglomerate's mining division saw sales up 17.4% in the quarter, with copper output ticking up 0.8%, while zinc production more than doubled.
Grupo Mexico's copper production for the year came in at 1.086-million metric tons, in line with its outlook. For 2025, the miner forecasts production at a slightly lower 1.083-million tons, it said.
The transport unit saw a 3.5% decline in sales compared to the year-earlier period, with net profit down by 0.1%, while the infrastructure division trimmed losses from the previous year.
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