MEXICO CITY, April 28 (Reuters) – Mining and transportation conglomerate Grupo Mexico reported a 57% profit jump in the first quarter, helped by an increase in sales of silver and zinc.
Net profit for the group, a leading copper producer, came in at $1.71 billion from revenues that climbed 33% to $5.57 billion, according to a Tuesday filing, the latter above a $5.53 billion estimate of analysts polled by LSEG.
Copper production in the quarter hit 258,138 metric tons, down 2.8% from a year earlier, mainly due to its Peruvian mines producing less, which were partially offset by higher production at mining units in Mexico and the U.S.
Core earnings, or earnings before interest, taxes, depreciation and amortization (EBITDA) for the three months through end March rose nearly 50% to $3.31 billion.
Grupo Mexico, controlled by billionaire German Larrea, ranks among the world’s largest copper producers by volume.
(Reporting by Natalia Siniawski; Editing by Chris Reese and Kylie Madry)
