MEXICO CITY, April 24 Billionaire Carlos Slim's
conglomerate Grupo Carso on Thursday reported a
higher first-quarter profit as lower sales and financing costs
offset a dip in revenue.
The conglomerate's businesses, which include construction,
retail, real estate and oil services among others, reported a
4.5 percent lower revenue in the January-March period compared
with the year earlier.
Profit rose 21 percent to 1.689 billion pesos ($129 million)
from 1.4 billion pesos in the year-earlier period, helped by
lower debt payments and a drop in sales costs that outpaced the
The retail division, which includes Slim's Sanborns
chain of cafes and his Sears department stores
among others, reported a drop in same-store sales of between 2
percent and 5.8 percent, reflecting weaker consumer spending.
Carso's industrial division reported lower revenue from all
its businesses except its transformers unit and a unit that
builds cables for cars.
The infrastructure and construction division also reported
broadly lower revenue, except in its cable-laying and civil
Slim's biggest business, phone company America Movil
, is due to report first-quarter results on Tuesday.
(Reporting by Elinor Comlay; Editing by Mohammad Zargham)