MEXICO: Acquisition boosts Bimbo profits
Mexico-based bakery giant Grupo Bimbo has seen first-quarter earnings jump by 26% on the back of higher sales from the company's US acquisition last year.
Bimbo, which has operations in the US and Latin America, booked a net income of MXN1bn (US$76m) in the January-March period.
Net sales for the quarter were also up, increasing 46.5% to reach MXN28.3bn, reflecting "strong growth" compared to the same period of last year, the company said.
The figure reflects the incorporation of the latest acquisition in the US of Dunedin Holdings, organic growth from its US business, as well as growth in Latin America. Excluding the acquisition, net sales would have risen 15.8% in the period.
Financing costs were MXN548m compared to MXN149m in the same period a year ago.
Operating income for the quarter rose 65.5% largely attributable to gains in the US.
Mexico is a country battling rising rates of obesity and the country's government has been busy trying to encourage its citizens to eat healthily. However, the food industry is under the microscope wi...
Mexican baker Grupo Bimbo has posted a 24.5% jump in third-quarter net profit, which was boosted by increased sales in the US....
There is a truly cosmopolitan flavour to this week's 'week in words' with food execs from Mexico City to Moscow keen to voice their thoughts on some of the key issues affecting the industry. Grupo Bim...
Mexican baker Grupo Bimbo saw its first-half net profit increase yesterday (26 July) boosted by the incorporation of an acquisition in the US....
- 2017: three major drivers of M&A strategy
- Comment: Premier has more to ponder than Brexit
- The food market in 2017 - consumer trends and M&A
- just-food 2017 Survey - your thoughts on growth
- Food market in 2017: need-to-know US trends
- Premier Foods issues profit warning
- Nestle mum on Mead Johnson takeover talk
- UK's Bakkavor plays down IPO "speculation"
- Mondelez sells Vegemite to Bega
- Kellogg to slash 250 jobs