UPDATE 1-Mexico's Comerci posts profit vs loss yr-ago

* Net provit reverts sharp yr-ago losses

* Revenue up 2.5 pct in Q3

* On debt talks for a year now (Adds debt restructuring, earnings details)

MEXICO CITY, Oct 28 (Reuters) - Mexican retailer Comercial Mexicana, in the midst of a debt restructuring, said on Wednesday it had a third-quarter, net profit compared with a steep loss in the year ago period.

The company, known as Comerci (COMEUBC.MX), earned 137 million pesos ($10 million) in the July-September period compared with a loss of 3.79 billion pesos in the year-ago quarter, when it recorded a foreign exchange loss due to a weak peso.

The peso's depreciation in late 2008 caused Comerci's derivatives bets to sour, pushing the retailer into financial trouble as it defaulted on payments. It has been trying to reach an agreement with creditors for a year.

Quarterly revenue rose 2.5 percent to 14.280 billion pesos while operating profit inched up 1.7 percent to 811 million pesos.

Comerci, the No. 3 supermarket operator in Mexico has already convinced some of its creditors it can repay only $1.5 billion of up to $3 billion in disputed obligations. But the creditors have yet to agree on how to share the losses.

The company's shares fell 1.09 percent to close at 10.01 pesos on Wednesday. (Reporting by Cyntia Barrera Diaz, editing by Leslie Gevirtz)