MEXICO: Bimbo income falls on one-offs
- First-quarter sales rose 1.3% to MXN42bn (US$3.2bn)
- Profit before other income & expenses remained flat
- Operating income fell 22.4% to MXN1.5bn
- Net majority income declined 9.9% to MXN513m
One-time costs hit Bimbo
Mexican baker Grupo Bimbo saw first-quarter operating profit fall 22% due to costs associated with restructuring initiatives in the US.
The company said operating profit fell by almost one-quarter in a period when it lodged charges of MXN594m (US$45.4m) in integration costs associated with its US business, where it closed some facilities and upgraded others.
The decline in net profit, however, was less steep reflecting lower interest and tax costs.
Click here to view the financial filing.
Grupo Bimbo's UK-based brand The New York Bakery Co. is launching a range of thinner bagels to tap into growing demand for what it called "sandwich alternatives"....
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