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Mexico's Comerci reports lower first quarter profit
April 24, 2013 / 9:02 PM / in 5 years

Mexico's Comerci reports lower first quarter profit

* Net profit down 13 percent

* Profit from continued operations up 26 percent

MEXICO CITY, April 24 (Reuters) - Retailer Comercial Mexicana said on Wednesday its first-quarter net profit fell 13 percent after it sold its 50 percent stake in warehouse club operator Costco.

The company, known locally as Comerci, said first-quarter profit slipped to 414 million pesos ($33.6 million) in the January-March period, from 475 million pesos in the same period a year earlier.

On a like-for-like basis, before accounting for the discontinued Costco operation, profit increased 26 percent to 419 million pesos from 332 million pesos in the year-earlier quarter.

Comerci, which used the gains from its Costco stake sale to pay down debt, paid less in interest in the quarter and also benefited from a 3 percent increase in revenue to 10.7 billion pesos.

Comerci shares closed down 0.5 percent at 46.73, before the company reported its results.

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