Mexican poultry group Industrias Bachoco swung back to profit in the fourth quarter of its fiscal year, a result that helped its full-year earnings more than double.
Bachoco yesterday (3 February) booked net income of MXN477m for the three months to the end of December, a fourth-quarter profit that compared to a loss of MXN109.5m a year earlier.
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The group benefited from a 9.9% increase in net sales during the fourth quarter to MXN6.37bn and was also lapping last year’s fourth quarter, when its bottom line was also affected by higher taxes and finance costs.
The improved profit performance in the fourth quarter helped Bachoco post annual net income of MXN2bn – against MXN807m last year. Full-year net sales were up 6.6% at MXN24.81bn.
CEO Roldofo Ramos said: “With these fourth-quarter results, we recorded a successful year for the company in 2010. We achieved our goals and set a solid basis to face a challenging 2011; we trust our team, which along the continuous improvement of our processes and an adequate administration of our raw material inventories, will lead us to achieve new goals.”
Click here for the complete statement from Bachoco.
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