UPDATE 1-Mexican supermarket chain Soriana reports higher 2nd-qtr net

Fri Jul 25, 2014 11:36am EDT

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(Adds revenue, detail on results)

MEXICO CITY, July 25 (Reuters) - Soriana, Mexico's No. 2 supermarket chain, reported an 8 percent increase in its second-quarter profit on Friday as it trimmed sales costs and spent less money servicing its debt, but revenue dipped.

Profit rose to 794 million pesos ($61 million) from 736 million pesos in the year-earlier period.

Revenue fell 2.7 percent to 24.895 billion pesos, but lower sales costs helped the company report slightly higher operating profit of 1.195 billion pesos, up 1 percent from a year earlier.

The increase in net profit was mostly due to a foreign exchange benefit as the peso strengthened in the quarter, meaning Soriana paid less on its dollar-denominated debt. ($1 = 12.9865 pesos at end June) (Reporting by Elinor Comlay; Editing by Jeffrey Benkoe)

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