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Mexicos Comerci net seen up on strong operations

Mexicos Comerci net seen up on strong operations Comercial Mexicana, one of the countrys largest retailers, will likely report a 35 percent rise in net profit for the second quarter thanks to a rise in sales and operational improvements. Known by investors as Comerci (COMERCIUBC.MX: Quote, Profile, Research) (MCM.N: Quote, Profile, Research), the company should report a net quarterly profit of 302 million pesos ($27 million), according to the average estimate of five analysts consulted by Reuters. Comerci, which is expected to report better results from its updated distribution operations and better negotiations with suppliers, is scheduled to report its quarterly results on

Mexicos Soriana quarterly net profit ticks up

Mexicos Soriana quarterly net profit ticks up Soriana, one of Mexicos top retailers, posted a 4 percent rise in net profit for the first quarter on Tuesday, below analysts estimates, with moderate growth in sales and operating results. Soriana (SORIANAB.MX: Quote, Profile, Research) said net profit reached 548 million pesos ($50 million), compared with 525 million pesos in the same quarter of 2005. Analysts polled by Reuters Estimates had forecast a 14 percent rise to 597 million pesos. Soriana, which operates 202 stores mainly in northern Mexico, said its quarterly sales rose 11 percent year on year to 12.395 billion pesos. Operating profit,

UPDATE 2-Mexico’s Walmex quarterly net rises 34 percent

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

Mexico lauds U.S. for crackdown on firms

MEXICO CITY (AP) -- Mexico's government congratulated U.S. authorities on Friday for action against Mexican companies and individuals alleged to be involved in laundering illegal drug profits. President Vicente Fox's spokesman, Ruben Aguilar, told a news conference the U.S. declaration was based on investigations within the United States -- implying it did not violate Mexican sovereignty. The U.S. Treasury Department on Thursday added 30 companies and individuals to a list of alleged drug trafficking organizations. It allows U.S. authorities to seize their U.S. assets and blocks any U.S. citizen and resident from dealing with them. "The government of Mexico congratulates the U.S. government

UPDATE 3-Political ads boost Q2 profit at Mexico’s Televisa

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

UPDATE 1-Mexico’s Geo 3rd-qtr net profit rises 32 pct

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

Mexico’s Walmex quarterly net rises 28 percent

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

Mexico’s Telmex boosts fund to buy back shares

Mexico's Telmex boosts fund to buy back shares Dominant Mexican fixed-line telephone company Telmex, controlled by billionaire Carlos Slim, said on Wednesday it will set aside an additional $930 million to buy back its lagging shares. Telmex (TELMEXL.MX: Quote, Profile, Research) (TMX.N: Quote, Profile, Research), once one of Mexico's main technology players but now weighed down by competition from cheap mobile service providers, said the plan would be presented to shareholders for approval at a Nov. 28 meeting. Hurt by tighter profit margins in its fixed-line and long-distance businesses, Telmex's stock has risen about 5 percent so far in 2005, way

Mexico stocks rise 0.72 pct, peso off slightly

Mexico stocks rise 0.72 pct, peso off slightly Mexican stocks ended 0.72 percent higher on Tuesday on the back of gains from blue-chip America Movil as investors anticipated solid quarterly results from the cellular phone company. The IPC stock index < .MXX> rose 143.30 points to close at 20,082 points. America Movil (AMXL.MX: Quote, Profile, Research) gained 0.73 percent to 19.28 pesos. It is expected to post second-quarter results on Wednesday after the stock market closes. America Movils quarterly net profit is seen down nearly 13 hurt by foreign exchange losses but its subscriber base, extending from the United States to

UPDATE 1-Mexico’s Kimber net tumbles on currency hedge

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.