Wednesday, July 29, 2020

Grupo México operating cash flow falls 19.1% in 2Q20 due to pandemic

The conglomerate said this was due to a 12.6% reduction in the value of copper worldwide derived from less industrial activity caused by the health crisis.

The conglomerate Grupo México reported on Tuesday that in the second quarter of 2020 it had an operating flow (EBITDA) of one thousand 64 million dollars, 19.1 percent lower than that registered in the same period last year. In its financial report sent to the Mexican Stock Exchange (BMV), the company highlighted that this was due to a 12.6 percent reduction in the value of copper worldwide derived from less industrial activity caused by the COVID pandemic- 19.

This was combined with a 1 percent reduction in its production of this metal derived from the stoppage of operations that it carried out in its mines in Mexico at the mandate of the federal government to prevent the spread of this virus. In addition, its railway division reported a 34.3 percent reduction in its EBITDA for the second quarter of 2020 derived from less cargo movement, also related to less manufacturing activity caused by the health emergency. The company chaired by Germán Larrea reported that between April and June this year it had revenues of $ 2.208 billion, 11.5 percent below what was reported in the same period of 2019. While the firm’s net profit for the second quarter 2020 was 352 million dollars, 33.3 percent lower than that registered in the same period last year.

Source: El Financiero

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