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Company News

UPDATE 1-Miner Grupo Mexico swings to profit in 4th quarter

(Adds details from filing)

MEXICO CITY, Feb 1 (Reuters) - Mexican mining, rail, and infrastructure company Grupo Mexico swung to profitability in the fourth quarter, boosted by a lower tax payment.

Grupo Mexico, one of the world’s largest copper producers, reported a net profit of $95.9 million between October and December, compared with a net loss of $17.1 million in the same quarter in 2015.

Revenue rose 3.5 percent to $2.1 billion, on increased production of copper and gold at the company’s Buenavista mine in northern Mexico.

Even so, the company said volatility in the price of metals and rising inflation could have a negative impact on results in the future.

After a record year of copper production, the company said it expected 2017 production to be slightly lower.

Shares in the company were up 1.5 percent in morning trading at 63.49 pesos per share. ($1 = 20.64 pesos on Dec. 30) (Reporting by Natalie Schachar; Editing by Chizu Nomiyama and Alan Crosby)

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