Reuters – Mexican mining, rail and infrastructure company Grupo Mexico said its first-quarter net profit rose 20.9 percent compared to the same period a year ago due to higher metals production and a big jump in investment gains.
Reuters – America Movil said on Wednesday first-quarter profit fell more than 40 percent from a year ago, as mobile competition from AT&T Inc intensified in Mexico and it started paying rent on cell towers after a sweeping regulatory overhaul.
Sentido Comun – Grupo Financiero Santander Mexico, a subsidiary of Spain’s largest financial institution, increased its net interest income by 18 percent in the first quarter of 2016 for outstanding performance in credit granted to companies.
Sentido Comun – Coca Cola Femsa, the largest bottler of Coca Cola products in Latin America, reported first quarter income higher than expected by analysts, buoyed by better prices and higher sales volumes in some regions.
Sentido Comun – Genomma Lab International, a manufacturer, distributor and marketer of drugs and products for personal care, reported a 3 percent increase in revenue in the first quarter, driven by double digit growth in sales in the U.S.
Sentido Comun – America Movil said national television networks in Mexico, Grupo Televisa and TV Azteca, may not broadcast the Olympic Games in Rio de Janeiro because it bought the rights to air the games being held in June.
Reuters – Swiss bank Credit Suisse has recruited at least a dozen wealth managers in Mexico from rival UBS, a source familiar with the matter said, part of efforts to beef up its private banking business.
WSJ – Retailer Wal-Mart de Mexico said its net profit rose 30 percent on the year in the first quarter as healthy consumer spending continued to stoke sales. Walmex reported quarterly net profit of 6.72 billion pesos, or $387 million.
Sentido Comun – Mexichem says it will experience a shortage in the coming weeks of vinyl chloride monomer pipes because of the explosion at its plant in Coatzacoalcos, Veracruz.
Sentido Comun – Grupo Bimbo, the world’s largest bakery company, reported a 13.2 percent increase in sales during the first quarter of 2016, a development driven mainly by the exchange rate and a good performance in Latin America.
Sentido Comun – El Puerto de Liverpool, the company that owns the largest chain of department stores in Mexico, increased its revenues by 12.4 percent during the first quarter of 2016 compared to the same period last year.
Sentido Comun – Grupo Elektra, a leading financial services company, reported a 3 percent drop in revenue in the first quarter due to the poor results obtained by its banking subsidiary Banco Azteca.
Sentido Comun – Simec Group, a supplier of special steel products in Mexico and the United States, reported a 12 percent drop in revenue during the first quarter of this year compared with the same period last year, mainly due to a fall in exports.
RigZone – International Finance Corp, a member of the World Bank Group, and the China-Mexico Fund, a $1.2 billion private equity fund managed by the IFC Asset Management Company, will invest $200 million in Citla Energy, a Mexican independent oil exploration and production company.
Financial Times – Mexican building company, Cemex, which reported its first full-year profit in 2015 in six years, unexpectedly swung back into the black in the first quarter too, with net income of $35 million compared with a $149 million loss in the first three months last year.
El Financiero – Mars, maker of M & M’s, completed the acquisition of the Mexican Grupo Turin, manufacturer of products such as Easter rabbits, which will give it a 25 percent share of the chocolate market in Mexico.
WSJ – Mexican industrial conglomerate Alfa made proposals for a restructuring of Canadian-Colombian oil firm Pacific Exploration & Production Corp. but is no longer involved in the process.
Sentido Comun – Arca Continental, a Mexican soft drink bottler of Coca-Cola, plans to invest seven billion pesos ($400 million) in 2016 to strengthen its operations in various countries where it operates.
Power Technologies – Solar equipment producer JinkoSolar has won rights to develop and build three solar photovoltaic projects totalling 188MW in Mexico. Two of the facilities will be in Yucatán and one in Jalisco. All three will enter service by mid-2018.
Sentido Comun – Empresas ICA, the construction company going through the worst crisis in its nearly seven decades of existence, has cut 13,500 people, one of the difficult decisions it has taken in the last 15 months to overcome problems and try to stay afloat.