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Mexican railway concern Ferromex, a unit of mining and railways firm Grupo Mexico (GMEXICO.MX), said it expects to close 2010 with record sales of $1.17 billion, up from with $1.08 billion in 2009.
The increase in sales comes on the back of a 20% rise in railway volume from 2009, due in part to the global economic recovery, the company said in a press release.
Ferromex operates Mexico's largest railroad with a network of 8,110 kilometers. Grupo Mexico has a 55.5% stake in the company, followed by Union Pacific with a 26% stake and local conglomerate Grupo Carso with a 18.5% share.
Ferromex invested $134 million in 2010, the press release said.
Grupo Mexico's locally traded B shares were recently up 2.7% at 46.67 pesos ($3.75).
-By Paul Kiernan, Dow Jones Newswires; (5255)5980-5178, email@example.com