MEXICO: Dairy giant Lala sees profits jump in 2013
Sales and profits at Lala were higher in 2013
Grupo Lala, the Mexico-based dairy processor, has reported higher annual profits on the back of improved sales, boosted by new products and revenue from "value added" lines.
The company, which floated on the Mexican stock exchange in October, booked net income from continuing operations of MXN2.82bn (US$212m) for 2013, up 68.9% on 2012. Operating income increased 9.5% to MXN4.21bn.
The improved profits came as Lala boosted its net sales by 7% to MXN43.16bn. Lala pointed to a "higher value-added product mix", to "non-organic growth as a result of new products and brands", improved volumes and price increases.
CEO Arquímedes Celis said: "2013 was an excellent year for our company; we went public and thereby reaffirmed our shareholder commitment through one of the most successful IPOs in industry history. It was also an important year as far as achievements and challenges, which reaffirmed the strength of our business model as consumers' preference for LALA products helped us achieve growth levels above the market average. We believe that continued execution of our successful business model will again allow us to achieve our 2014 goals of strong growth and, as result, returns for our shareholders."
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