MEXICO: Industrias Bachoco Q1 profits edge up

By: just-food.com | 27 April 2010

Mexican poultry firm Industrias Bachoco said it recorded “strong and sound” results for the first quarter with a slight increase in profits.

For the quarter ended 31 March, net majority income amounted to MXN274.9m (US$22.6m) compared to an income of MXN273.9m in 2009.

Total sales increased 1.1% from 2009's first quarter to reach MXN5.93bn.

Operating profit, however, dropped to MXN342m from MXN494.8m in the comparable 2009 quarter.

Cristobal Mondragon, Bachoco's CEO, said: "While the economic conditions prevailing in Mexico continued to slowly improve, we observed a good demand for our products, impacting our first quarter results and showing an improvement from the previous year in terms of sales and volume sold."