Mexico Railway Operator Ferromex Sees 2010 Sales At $1.17 Billion

Date : 12/07/2010 @ 4:29PM
Source : Dow Jones News
Stock : Union Pacific Corp. (UNP)
Quote : 104.0  0.34 (0.33%) @ 10:26AM

Mexico Railway Operator Ferromex Sees 2010 Sales At $1.17 Billion

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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, paul.kiernan@dowjones.com

 
 

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