Mexico's Comerci reports lower first quarter profit
MEXICO CITY (Reuters) - Retailer Comercial Mexicana (COMEUBC.MX) said on Wednesday its first-quarter net profit fell 13 percent after it sold its 50 percent stake in warehouse club operator Costco.
The company, known locally as Comerci, said first-quarter profit slipped to 414 million pesos ($33.6 million) in the January-March period, from 475 million pesos in the same period a year earlier.
On a like-for-like basis, before accounting for the discontinued Costco operation, profit increased 26 percent to 419 million pesos from 332 million pesos in the year-earlier quarter.
Comerci, which used the gains from its Costco stake sale to pay down debt, paid less in interest in the quarter and also benefited from a 3 percent increase in revenue to 10.7 billion pesos.
Comerci shares closed down 0.5 percent at 46.73, before the company reported its results.
(Reporting by Elinor Comlay. Editing by Andre Grenon)
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