MEXICO CITY, Jan 26 (Reuters) – Mining and transport firm Grupo Mexico reported on Tuesday a $2.30 billion net profit last year, up 4% compared to 2019, helped by higher mining output and prices, the company said in a filing with the Mexican stock exchange.
Its fourth quarter net profit was wider than the year-ago period, up 67% to reach $1.27 billion, according to the filing.
Grupo Mexico is one of the world’s largest copper producers and a major Mexican rail operator.
During the fourth quarter, production of copper and silver grew – up 2.4% and 22.9%, respectively – compared to the year-ago period.
Copper output totaled nearly 290,000 tonnes for the quarter, and 1.13 million tonnes for the year, while silver reached 3.83 million ounces in the quarter and 13.89 million ounces for the year.
The company said it expects 2021 mining production to be similar to last year.
Prices for gold and zinc also grew during the final quarter of 2020, up by 26% and 10%, respectively.
Copper prices were up 22% in the quarter, and about 3% for the year.
Gains in its mining division – which operates mines in Mexico, Peru and the United States – outpaced the company’s transportation and infrastructure units during the quarter, the company said.
Specifically, fourth quarter profit in the mining unit reached $1.04 billion, a more than two-fold increase compared the unit’s $393 million profit during the last three months of 2019.
The transport division’s fourth quarter profit of nearly $66 million was down by 24% compared to the last quarter of 2019. Meanwhile, the company’s infrastructure unit posted a more than $13 million loss in last year’s fourth quarter.
For the year, 2020 revenues hit $10.91 billion, up about 2% compared to 2019 levels.
During the fourth quarter of 2020, the revenue totaled $3.22 billion. (Reporting by David Alire Garcia and Abraham Gonzalez; editing by Grant McCool)
Original Article: https://www.reuters.com/article/grupo-mexico-results/update-1-mexican-miner-grupo-mexico-posts-23-bln-profit-in-2020-idUSL1N2K13BR
