Grupo Nutresa, Colombia’s largest processed foods group, has reported higher nine-month sales and operating income, although an increase in finance expenses weighed on its bottom line.
The pasta-to-chocolate maker posted operating revenue of COP5.68trn (US$1.82bn) for the period to the end of September, up from COP4.69bn a year earlier.
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The improved sales helped drive an increase in operating income, which stood at COP585.77bn, against COP521.16bn.
However, a rise in the interest on loans and overdrafts and bond interest meant net income dipped from COP328.27bn in the first nine months of 2014 to COP327.43bn.
Reflecting on the third quarter, when sales, operating income and net income all rose, Nutresa said sales in Colombia rose almost 17%, which he described as “a solid, outstanding performance”. On an organic basis, sales were up 8.6% thanks to price increases and higher volumes.
Sales outside Colombia were up more than 29%.
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By GlobalData
