Mexican baker Grupo Bimbo saw first-quarter operating profit fall 22% due to costs associated with restructuring initiatives in the US.

The company said operating profit fell by almost one-quarter in a period when it lodged charges of MXN594m (US$45.4m) in integration costs associated with its US business, where it closed some facilities and upgraded others.

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The decline in net profit, however, was less steep reflecting lower interest and tax costs.

Click here to view the financial filing.

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