Mexican bread maker Grupo Bimbo has reported an 83% rise in quarterly net profit, helped by lower costs due to a new distribution system.
The company posted net profit of 347.8m pesos (US$31.4m) for the fourth quarter of 2003, compared with 189.4m in the year-ago quarter. Operating profit rose to 1.18bn pesos from 641.8m a year earlier.
Fourth-quarter sales were 12.2bn pesos, compared to 11.7bn in the year-ago quarter. The company said sales in Mexico rose 6%, helped by higher sales volumes and higher prices, while sales in Latin America increased 4%.
Bimbo’s US sales volumes were weak, but higher prices resulted in a 1.7% rise in US sales. The company said US sales had been hit by lower bread consumption due to the popularity of low-carb diets, reported Dow Jones International News.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData