MEXICO: Bachoco books lower H1 profits
Industrias Bachoco, Mexican's largest poultry processor, has posted a fall in half-year profits despite seeing higher turnover during the first six months of 2010.
The company reported an 8% fall in net income to MXN892.6m (US$70.5m) for the period to the end of June.
The fall in profits came as net sales climbed 2.3% to MXN12.14bn.
Chicken sales were up 5.3%, while swine sales increased 24.4%. However, table egg sales fell 8.3% and balanced feed sales slid 7.8%, decreases that dented Bachoco's gross margin.
The company's gross margin for the first half of 2010 stood at 20.4%, down on the 21.6% posted in 2009.
Second-quarter net income was down 11.2% at MXN617.7m, although net sales increased 3.6% to MXN6.2bn.
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