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Mexico's Comerci reports lower first quarter profit
April 24, 2013 / 9:23 PM / in 5 years

Mexico's Comerci reports lower first quarter profit

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

The logo of supermarket operator Controladora Comercial Mexicana is seen in Mexico City May 14, 2010. REUTERS/Eliana Aponte

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.

Reporting by Elinor Comlay. Editing by Andre Grenon

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