Mexican retailer Comerci Mexicana said yesterday (28 October) that it swung to profitability in the third quarter, versus a steep loss in the year-ago period.
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The company, which is in the middle of restructuring its debt, said earnings totalled MXN137 (US$10m) in the July-September quarter, compared to a loss of MXN3.79bn last year.
Revenues in the quarter increased by 2.5% to MXN14.28bn. Operating profit gained 1.7%, increasing to MXN811m.
Last year, the depreciation of the Mexican peso caused Comerci’s derivatives to stack up significant losses.
The retailer then defaulted on loan repayments and is in ongoing discussions with its lenders.
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