Mexican baked-goods company Bimbo has reported a fall in third-quarter net profit of 7% despite a jump in sales.
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The company’s third-quarter net profit was 333m pesos (US$33.5m), beating analysts’ average forecasts of 324m pesos.
Bimbo said that the fall in profit was due to higher costs to service debt taken on when the company acquired a US baker.
An 88.2% jump in US sales helped the company to achieve consolidated Q3 sales of 10.3bn pesos, up 18.5% from last year.
The revenue increase was due to the acquisition of Canadian baker George Weston’s US assets earlier this year.
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By GlobalDataBimbo sells the majority of its product domestically and in the US, but also has operations in 16 other countries in the American continent and Europe.
