Grupo Mexico reports USD626m
(MENAFN) Grupo Mexico said its profits for the second quarter of 2012 fell to USD626 million from USD641 million in the same period a year ago, Reuters reported.
The copper miner and railroad operator also reported USD2.5 billion revenue during the quarter, also down from USD2.6 billion a year earlier.
The company attributed the decline in quarterly earnings to a weakened peso against the dollar during the second quarter in Mexico, increasing the cost of dollar denominated debt.
Grupo Mexico is the largest miner in Mexico and the third largest copper producer in the world. The company's rail transport division, operates the nation's largest rail fleet.
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