UPDATE 1-Grupo Mexico posts 54 pct drop in second-quarter profit
MEXICO CITY, July 23 (Reuters) - Mexican copper miner and railroad operator Grupo Mexico reported on Tuesday a 54 percent drop in second-quarter profit, as a slump in global metals prices hurt sales.
Grupo Mexico said profit for the April-June period was $289 million, down from nearly $626 million in the year-earlier quarter, according to a filing with the Mexican stock exchange.
Profits were hurt by a $194 million drop in financial gains on foreign exchange moves compared with a year before.
Grupo Mexico's sales fell 12 percent to $2.24 billion from $2.55 billion during the same period last year, as metals prices and production both fell.