Mining and transport conglomerate Grupo Mexico on Tuesday reported a 17.55% increase in its net profit during the third quarter, boosted by copper prices and higher production levels.
The company’s net profit came in at $820.1 million, from revenues of $4.13 billion in the quarter that rose 13.13% compared with the same period last year.
Grupo Mexico, controlled by billionaire German Larrea, is one of the world’s largest copper producers with mines in Peru, the United States, Spain and its home base of Mexico, where it also operates major freight railroads.
The company’s consolidated earnings before interest, tax, depreciation and amortization (EBITDA) reached $2.17 billion, up 22% compared with the same period last year.
Meanwhile, copper production reached 280,897 metric tons over the third quarter, up 10.6% from the same period in 2023, and sales in the mining division rose 17.8% from the year earlier.
The company reported that copper prices also boosted its results, as those increased almost 8% throughout the year.
(By Aida Pelaez-Fernandez; Editing by Brendan O’Boyle)
