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Mexico's Comerci reports lower second-quarter profit
July 18, 2013 / 10:33 PM / 4 years ago

Mexico's Comerci reports lower second-quarter profit

MEXICO CITY, July 18 (Reuters) - Retailer Comercial Mexicana said on Thursday its second-quarter net profit fell 91 percent compared to the previous year when it received a boost after it sold a 50 percent stake in warehouse club operator Costco.

The company, known locally as Comerci, said second-quarter profit slipped to 490.1 million pesos ($37.8 million) in the April-June period, from 5.38 billion pesos in the same period a year earlier.

On a like-for-like basis, before accounting for the discontinued Costco operation, profit rose 247.6 percent from 141 million pesos in the year-earlier quarter.

Comerci, which used the gains from its Costco stake sale to pay down debt, had a higher tax burden in the quarter and was also hit by a 1.7 percent decrease in revenue to 11.7 billion pesos.

Comerci shares closed up 1.99 percent at 49.09 pesos before the company reported its results.

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