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UPDATE 1-Grupo Mexico profit more than doubles on metals, acquisition
October 21, 2017 / 1:09 AM / a month ago

UPDATE 1-Grupo Mexico profit more than doubles on metals, acquisition

(Adds background and report numbers)

MEXICO CITY, Oct 20 (Reuters) - Mexican mining and infrastructure company Grupo Mexico said on Friday that its net profit more than doubled in the third quarter, as metals prices rose and it included a new acquisition.

The company said net profit was $488 million, compared with $221 million in the third quarter of 2016.

Revenue grew to $2.5 billion from $2.1 billion in the same quarter last year.

This year the company took over Florida East Coast Railway, allowing it greater exposure to U.S. rail freight in a deal worth some $2.1 billion.

Grupo Mexico said this month it would price the initial public offering (IPO) of its rail unit on October 31, according to a prospectus filed with the Mexican bourse. (Reporting by Sharay Angulo and Miguel Angel Gutierrez; Editing by Andrew Hay)

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