Inbursa posts Q3 loss on impact from mark-to-market

- Friday, October 28, 2011

Inbursa posts Q3 loss on impact from mark-to-market

Mexican financial group GF Inbursa posted a 286mn-peso (US$21.9mn) loss in the third quarter, due to the impact of marking to market its financial investments, the group said in an earnings release.

GF Inbursa reported net profits of 1.24bn pesos and 2.85bn pesos in 2Q11 and 3Q10 respectively.

All of the group's main subsidiaries - its banking, insurance and pension units - posted losses in Q3 due to the impact of the mark to market of its stocks, investments and derivatives.

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The group is controlled by Mexican billionaire Carlos Slim.