By Aida Peláez-Fernández
MEXICO CITY (Reuters) – Mining and transportation conglomerate Grupo México reported on Tuesday a 17.55% increase in net income during the third quarter, driven by prices and higher production levels.
The company's net profit stood at $820.1 million, below the expectations of analysts surveyed by LSEG, who estimated it at $935.65 million.
Grupo México, controlled by billionaire Alemán Larrea, is one of the world's largest copper producers with mines in Peru, the United States, Spain and its base in Mexico, where it also operates important freight railways.
Grupo México also slightly raised its 2024 copper production expectations to 1.09 million metric tons, slightly above its outlook of 1.08 million metric tons published in July.
Revenue at the world's top copper producer, which also operates extensive freight railways in Mexico, rose 13.13% to total $4.13 billion in the quarter.
The company's consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) reached $2.17 billion, up 22% from the same period last year.
Meanwhile, copper production reached 280,897 metric tons during the third quarter, up 10.6% from the same period in 2023, and sales in the mining division increased 17.8% from a year earlier.
The company reported that copper prices also boosted its results, increasing almost 8% for the year.
On the other hand, the transportation unit experienced a drop in sales of 1.9% compared to the same period of the previous year, performance dragged down by higher sales costs.
!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=();t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)(0);s.parentNode.insertBefore(t,s)}(window, document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
