July 26, 2016 / 8:20 PM / 3 years ago

Wal-Mart de Mexico posts 9 percent drop in second-quarter profit

Two people walk outside a Wal-Mart store in Mexico City January 11, 2013. REUTERS/Edgard Garrido

MEXICO CITY (Reuters) - Mexico’s Wal-Mart de Mexico (WALMEX.MX) on Tuesday reported second-quarter net profit was down 9.2 percent from the same period last year, due to a one-time gain during the year-earlier quarter.

The company, known as Walmex, posted a second-quarter net profit of 6.186 billion pesos ($339 million), missing analysts’ expectations of 6.290 billion pesos.

During the second quarter of last year, Walmex sold its banking unit to Grupo Financiero Inbursa.

Second-quarter revenue at Walmex was 127.5 billion pesos, 11.5 percent higher than the year-earlier period.

Net financial costs were 259 million pesos, compared to a net financial gain of 9 million pesos in the year-earlier period.

Reporting by Gabriela Lopez and Joanna Zuckerman Bernstein; Editing by Phil Berlowitz

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