Grupo México posted 2009 consolidated net income of US$887mn, a drop of 17.6% from US$1.08bn in 2008, according to the group's quarterly results released Friday.

Sales last year declined 19.9% to US$4.83bn from US$6.03bn the previous year, partly due to lower average metals prices.

Ebitda was US$2.13bn with a margin of 44.0% in 2009, compared to US$2.90bn and a margin of 48.1%, according to the results.

Cost of sales for 2009 was US$2.55bn, 14% lower than 2008, thanks to greater productivity and operating efficiency, lower fuel prices and benefits gained on exchange rates.

Last December, Grupo México concluded the restructuring of US copper miner-smelter Asarco, awarded to the holding company by a bankruptcy court in Texas.

On December 9, Grupo México contributed US$705mn in cash and secured financing for US$1.50bn to capitalize Asarco. In addition, Asarco contributed US$1.36bn from its own cash and made payments to its creditors, amounting to US$3.56bn in total.

A one-year promissory note was also delivered to the asbestos creditors for US$280mn.

With the integration of Asarco, Grupo México has positioned itself as the number one company in copper reserves worldwide, according to the report, ahead of Chile's Codelco and Freeport-McMoRan (NYSE: FCX) of the US.

Grupo México controls US-based Southern Copper (NYSE: PCU) and has world-class mines in Mexico and Peru.