Mexican baker Grupo Bimbo has posted a 24.5% jump in third-quarter net profit, which was boosted by increased sales in the US.
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Bimbo’s earnings increased to MXN1.73bn (US$128m) in the quarter. Sales increased 41.1% year-on-year, rising to MXN29.1bn.
US sales gains were primarily driven by Bimbo’s acquisition of George Weston’s business in the market last year. The company also saw a 16.3% sales lift in Latin America.
Excluding acquisition-related gains, net sales would have risen 4.2% in the period.
Bimbo said that gross margin was up 2.2% in the quarter, to 53.8% of sales. Operating and EBITDA margins rose 1.3% and 1.4% respectively. However, net margin declined 80 bps to 5.9% as a result of higher financing costs relating to debt taken on to fund its US acquisition.
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