Grupo Mexico’s Q4 net profit falls 28%

Mexican mining and transport firm Grupo Mexico reported on Tuesday a 28% drop in quarterly earnings, citing lower demand and supply chain issues caused by the covid-19 pandemic.

The company, Mexico’s top copper miner, reported annual revenues of $14.78 billion and a net profit of $3.87 billion.

In its quarterly report, Grupo Mexico said the company planned to spend $2.27 billion in 2022, a 67% rise from 2021.

After the results, Grupo Mexico’s shares closed at 89.93 pesos, a 1.4% rise from the previous day.

(By Kylie Madry, Noe Torres and Valentine Hilare; Editing by Cassandra Garrison and Sandra Maler)