HomeIndustriesMining Conglomerate Grupo Mexico Posts Q3 Profit

Mining Conglomerate Grupo Mexico Posts Q3 Profit

Mining and transport conglomerate Grupo Mexico reported in a filing on Tuesday a 19% rise in its net profit in the third quarter on a year-over-year basis. This comes as the company achieved significantly stronger sales in its transport unit.

Net profit for the company hit $697.6 million over the three-month period, beating forecasts from analysts polled by LSEG. Revenue was $3.65 billion; a 17% rise from the previous year. Earnings before interest, tax, depreciation, and amortization rose by 25% to $1.78 billion.

Despite government clashes, Grupo Mexico’s transport unit saw a 17.5% increase in sales compared to the previous year. This company’s strong results also come as a surprise due to one of its subsidiaries suspending several freight trains during September amid a migrant crisis.

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