(Updates with more earnings details)
MEXICO CITY, April 29 Mexican metals miner and
railroad operator Grupo Mexico said on Tuesday its first-quarter
profit fell 34.8 percent compared with the same period a year
earlier as an increase in production failed to offset steep
falls in metal prices.
The company reported a profit of $376.54
million in the three months to end-March.
Revenue fell 11.2 percent to $2.18 billion.
Grupo Mexico noted metals prices fell during the quarter
from the year-ago period, with silver down 32 percent, gold down
21 percent and copper down 10 percent.
The company's production of copper, which accounts for 82
percent of Grupo Mexico's mining division revenue, increased 5
percent compared with the year-earlier period.
Shares in Grupo Mexico closed up 2.1 percent on Tuesday at
39.8 pesos per share before the company reported its results.
(Reporting by Christine Murray and David Alire Garcia; Editing
by Ken Wills)