Comercial Mexicana (Comerci) has revealed this week that its net profit tripled through the second quarter on a year-on-year basis, as it looks to recover from its long-standing financial issues.
The Mexican group said that its net earnings stood at US$19m for the three-month period covering April-June, compared with a profit of US$6.6m in 2009 when it was forced to funnel funding into meeting debt problems.
Revenue climbed by 1.2 per cent to US$1.1bn compared with the previous year, impacted by growing competition but eased by the fact that Comerci paid nearly 40 per cent less in interest than it did in the same period of 2009.
The group has submitted a prepackaged debt restructuring plan to a court in a bid to help ease its financial woes, but has yet to receive the go-ahead from the judge presiding over the case, Reuters reported.
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