UPDATE 1-Mexico’s Geo 3rd-qtr net profit rises 32 pct
Geo, Mexico’s No. 1 home builder, posted a 32 percent rise in third-quarter net profit from a sales surge during a nationwide housing boom.
Geo (GEOB.MX: Quote, Profile, Research) said on Wednesday net profit in the July-September period was 267 million pesos ($25 million) as revenues rose 24 percent.
Revenues at Geo jumped to 2.657 billion pesos as the company sold 9,624 houses in the period, up from 8,600 homes in the same quarter a year earlier.
Geo said its core earnings before interest, taxes, depreciation and amortization rose 31 percent to 641 million pesos.
“For the 17th consecutive quarter, the results showed growth in all operating lines,” Geo said.
Shares of Geo traded 0.32 percent higher on Wednesday in a wider market decline. Its stock was up 10 centavos to 31.22 pesos, just shy of 12-month highs. Its stock has risen 40 percent this year, far outstripping the main index.
More: today.reuters.com
UPDATE 1-Mexico's Telmex quarterly net profit leaps
Leading Mexican telephone company Telmex said its second-quarter net profit jumped 42 percent, boosted by new businesses in Brazil and Chile.
Telmex (TMX.N: Quote, Profile, Research)(TELMEXL.MX: Quote, Profile, Research), owned by Mexican entrepreneur Carlos Slim, said on Tuesday that it had a April-June net profit of 6.530 billion pesos ($606 million).
The bottom line was sharply higher than market expectations. A Reuters survey forecast Telmex would report a net profit of 5.900 billion pesos.
Telmex included in its results its recently acquired Brazilian long-distance operator Embratel (EBTP4.SA: Quote, Profile, Research) and Chilean company Chilesat (TLX.SN: Quote, Profile,
UPDATE 3-Political ads boost Q2 profit at Mexico's Televisa
MEXICO CITY, July 14 (Reuters) - Mexican broadcaster Televisa's second-quarter net profit rose 165 percent, driven by rising political advertising and better results at its satellite business, the company said on Thursday.
It also increased its broadcast television sales outlook for the rest of the year.
Televisa (TV.N: Quote, Profile, Research)(TLEVISACPO.MX: Quote, Profile, Research) earned 1.277 billion pesos ($118.5 million) in the quarter to end-June compared with 482 million pesos a year earlier, when it had a one-time charge from losses at its Sky satellite unit.
More: today.reuters.com
Mexico's Banamex profit rises 5 percent
Mexico's Banamex bank, owned by Citigroup Inc, (C.N: Quote, Profile, Research) said on Monday its net profit rose 5 percent in the second quarter, helped by growth in consumer credit but held back by lower profits from investment banking.
Banamex, Mexico's second largest bank, said it earned $454 million in the April to June period compared to $431 million in the year-ago period, with a 57 percent rise in profits from consumer banking to $368 million from $235 million a year ago.
In corporate and investment banking, Banamex earned $76 million during the quarter compared to $184
Mexican retail powerhouse Wal-Mart de Mexico, or Walmex, posted 28 percent growth in net profit for the second quarter on Thursday as expansion and cost savings fueled growth.
Walmex (WALMEXV.MX: Quote, Profile, Research), a unit of No. 1 global retailer Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research), reported a net profit of 1.95 billion pesos ($181 million) for the period, compared with 1.52 billion pesos a year earlier.
Net profit for the first half of the year reached 3.801 billion pesos. Walmex has used aggressive expansion and low prices to become the dominant retailer in Mexico's fragmented market.
More: today.reuters.com
Mexican retail powerhouse Wal-Mart de Mexico, or Walmex, posted 34 percent growth in net profit for the third quarter on Friday as aggressive expansion and cost savings fueled growth.
Walmex (WALMEXV.MX: Quote, Profile, Research), a unit of No. 1 global retailer Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research), reported a net profit of 2.001 billion pesos ($186 million) for the quarter.
Walmex has used aggressive expansion and low prices to become the dominant retailer in Mexico's fragmented market with more than 700 stores and restaurants.
It said quarterly sales rose 14.7 percent to 38.658 billion pesos year on year. Same-stores sales, which
UPDATE 1-Mexico's Kimber net tumbles on currency hedge
Kimberly-Clark de Mexico (Kimber), the country's top paper products company, said on Thursday its third-quarter net profit was down 10 percent, hit by a badly-timed currency hedge.
Kimber earlier this year made a hedge against a weak peso until 2007, covering potentially volatile presidential elections next year.
But the Mexican currency has strengthened recently, gaining 1.3 percent during the last quarter.
"Net profit was affected by a high integral financing cost which continues to reflect the relative strength of the Mexican peso during 2005," Kimber (KIMBERA.MX: Quote, Profile, Research) said.
The company, minority-owned by U.S.-based Kimberly-Clark Corp.
Mexico's Penoles 4th-qtr net profit jumps 37 pct
Mexico's Penoles, the world's top silver producer, said on Friday its fourth-quarter net profit rose 37 percent, helped by high world silver prices.
Penoles (PENOLES.MX: Quote, Profile, Research) said its profit in the October through December period hit 555 million pesos ($52 million), and revenue rose 38 percent to 6.121 billion pesos.
Despite pricing volatility in recent weeks, silver has largely held above $9.00 an ounce, and early this month hit a 22-year high close to $10 per ounce.
Penoles has shown strong earnings performance over recent quarters, also benefiting from a surge in the prices
UPDATE 3-Mexico's Cemex net profit almost doubles on RMC buy
Mexico's Cemex (CX.N: Quote, Profile, Research), the world's No. 3 cement maker, almost doubled its net profit in the third quarter from higher sales after the consolidation of its acquisition of Britain's ready-mix concrete giant RMC.
Cemex (CEMEXCPO.MX: Quote, Profile, Research) said on Friday its July-September net profit was $675 million, lower than market forecasts, but up from $361 million a year earlier.
A Reuters' survey of six analysts had yielded an average forecast that net profit for Cemex, which operates in more than 50 countries, would come in at $783
UPDATE 3-Mexico's Cemex net profit almost doubles on RMC buy
Mexico's Cemex (CX.N: Quote, Profile, Research), the world's No. 3 cement maker, almost doubled its net profit in the third quarter from higher sales after the consolidation of its acquisition of Britain's ready-mix concrete giant RMC.
Cemex (CEMEXCPO.MX: Quote, Profile, Research) said on Friday its July-September net profit was $675 million, lower than market forecasts, but up from $361 million a year earlier.
A Reuters' survey of six analysts had yielded an average forecast that net profit for Cemex, which operates in more than 50 countries, would come in at $783
Mexico 1-month T-bill yield rises to 7.02 pct
The yield on Mexicos benchmark 28-day Cetes, or T-bills, edged up 1 basis point to 7.02 percent on Tuesday amid expectations of rising U.S. interest rates.
Longer-term Cetes yields ticked up from last week at a central bank auction, along with rates on Mexicos 3-year and 7-year peso from when they were last auctioned on May 16.
The yield on the three-month bill rose to 7.36 percent from 7.28 percent last week, while the yield on the six-month yield rose to 7.63 percent from 7.50 percent.
The 3-year peso bond rose to a yield of 8.50
