Grupo Mexico’s first quarter results turn negative
Mexican mining and transport firm Grupo Mexico registered a net loss of $369.2 million during the first quarter of 2020 in a sharp reversal from the year-ago period.
Grupo Mexico posted a profit of $626.2 million during the January to March period last year.
Total revenue in the first quarter this year fell 3.3% to total $2.45 billion.
Recently the company reduced its mining operations to comply with government orders to suspend non-essential activities as part of efforts to halt the spread of coronavirus.
Grupo Mexico is the largest mining company in Mexico and the third largest copper producer in the world through its subsidiary ASARCO.
(By Noe Torres; Editing by Sandra Maler)
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