Bachoco has posted a rise in nine-monthly profits

Bachoco has posted a rise in nine-monthly profits

Mexican poultry processor, Industrias Bachoco, has posted a 21.4% increase in net profits for the first nine months of the year.

For the period ended 30 September, Bachoco reported net income of MXN2.9bn (US$214.4m) thanks to lower interest expenses and a lower cost of sales, as raw material costs saw "a steady decrease".

Operating income was up 38.4% to MXN3.9bn. Sales also increased 3% to MXN30.9bn.

For the third quarter of the year, results followed a broadly similar pattern. Net income was up to MXN1.2bn and operating income increased to MXN1.5b. Sales were 12.5% higher at MXN10.6bn.

Rodolfo Ramos Arvizu, CEO said: "For Bachoco, a third quarter used to be the weakest quarter for the year in terms of profitability; this year, the quarter did not follow that pattern, as favourable conditions present in the second quarter were extended into the third one.

"Flexibility in our processes and implementation of new procedures, allowed us to take advantage of the conditions the industry offered and to achieve sound results".

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