Mexican baked goods giant Grupo Bimbo has reported a leap in second-quarter net profit, in line with analysts’ expectations.
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Bimbo posted net profit of 213m pesos (US$20.2m) for the quarter, a rise of 76% compared to the year-ago period, helped by the rise in value of the Mexican peso.
The company said lower sales and higher expenses from its US operation hurt operating profits, but costs from upgrading its distribution system were levelling off, reported Reuters.
Second-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) were down 0.8% at 969m pesos.
Revenues fell 0.4% to 10.72bn pesos as strong domestic sales failed to offset weak sales in the rest of Latin America and the US.
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