COVID-19 hits Carlos Slim’s finances: Grupo Carso’s profits fell 41.9% in the first half of 2020

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The company explained that its main subsidiary, Grupo Sanborns, temporarily closed a total of 96 stores and 22 cafeterias to the public, while the rest of the establishments continued to comply with sanitary measures.

The company explained that its main subsidiary, Grupo Sanborns, temporarily closed a total of 96 stores and 22 cafeterias to the public, while the rest of the establishments continued to comply with sanitary measures.
 

The Mexican conglomerate Grupo Carso, owned by Carlos Slim, reduced its net attributable profit by 41.9% during the first half of 2020 compared to the same period of the previous year , with a figure of 2,064 million Mexican pesos (79.6 million euros) for the effects of the covid-19.

The company explained that its main subsidiary, Grupo Sanborns, temporarily closed a total of 96 stores and 22 cafeterias to the public , while the rest of the establishments continued to comply with sanitary measures.

Grupo Carso sales decreased 17.6% during the first six months , with a total of 38,795 million pesos (1,497 million euros); while the operating profit registered a fall of 51.2%, with 2,492 million pesos (96 million euros).

The company’s gross operating profit (Ebitda) decreased by 36.7% , with a figure of 4,211 million pesos (162 million euros).

The contract corresponds to section 2 that connects Escárcega with Calkiní, and consists of an amount of 18,553 million pesos (715 million euros) that includes 1,676 million pesos (64.6 million euros) for five years of maintenance.

The contract corresponds to section 2 that connects Escárcega with Calkiní, and consists of an amount of 18,553 million pesos (715 million euros) that includes 1,676 million pesos (64.6 million euros) for five years of maintenance. 

For its part, Grupo Sanborns sales fell 34.5%, with a figure of 15,402 million pesos (594 million euros), which dragged the subsidiary to attributable net losses of 716 million pesos (27, 6 million euros) and operating costs of 518 million pesos (20 million euros).

On April 30, the National Tourism Development Fund (Fonatur) awarded a contract for the supply of materials and construction of the platform and track of the Tren Maya project to the group’s construction company, Carso Infraestructura y Construcción, together with the Spanish company FCC , with a 50% stake for each, respectively.

The contract corresponds to section 2 that connects Escárcega with Calkiní, and consists of an amount of 18,553 million pesos (715 million euros) that includes 1,676 million pesos (64.6 million euros) for five years of maintenance.

The company explains that since the beginning of the health emergency, it implemented different operational measures, such as maintaining its workforce in the months of April to July and excluding eventual contracts.  (Photo: AP / Eduardo Verdugo)

The company explains that since the beginning of the health emergency, it implemented different operational measures, such as maintaining its workforce in the months of April to July and excluding eventual contracts. (Photo: AP / Eduardo Verdugo) 

The company explains that since the beginning of the health emergency, it implemented different operational measures, such as maintaining its workforce in the months of April to July and excluding eventual contracts.

Likewise, Slim’s conglomerate decided not to schedule the payment of dividends for this year “based on the prevailing situation in the markets.”

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