Mexico-based bakery giant Grupo Bimbo has seen first-quarter earnings jump by 26% on the back of higher sales from the company’s US acquisition last year.

Bimbo, which has operations in the US and Latin America, booked a net income of MXN1bn (US$76m) in the January-March period.

Net sales for the quarter were also up, increasing 46.5% to reach MXN28.3bn, reflecting “strong growth” compared to the same period of last year, the company said.

The figure reflects the incorporation of the latest acquisition in the US of Dunedin Holdings, organic growth from its US business, as well as growth in Latin America. Excluding the acquisition, net sales would have risen 15.8% in the period.

Financing costs were MXN548m compared to MXN149m in the same period a year ago.

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Operating income for the quarter rose 65.5% largely attributable to gains in the US.