MEXICO: Acquisition boosts Grupo Bimbo profits
Mexican baker Grupo Bimbo has seen its first-half profits increase thanks to the incorporation of an acquisition in the US.
For the period to 30 June, net profit reached MXN2.5bn (US$190m), up 44% from the previous year's figure.
Bimbo acquired the US bread-making unit of Canada's George Weston for $2.38bn in January. The company's net sales figure reflected this with a 44% increased to MXN56.8bn.
Operating income increased to MXN4.9bn from MXN2.7bn in the comparable period of the previous year.
In Mexico, on a cumulative basis, sales rose 3.3% in the first half of 2009, primarily as a result of carryover pricing over the past 12 month period and new product launches.
In the company's US division, net sales tripled on both a quarterly and cumulative basis, totalling MXN12.7bn and MXN24.7bn, respectively.
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