Mexican corn flour and tortilla maker Gruma swung to a profit in the third quarter of 2009 as sales increased 12%.
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Net profit for the period reached MXN45m (US$3.4m), compared with a MCN1.77bn loss in the third quarter of 2008, brought about by derivatives losses.
Net sales in the quarter rose 12% to reach MXN12.57bn, driven mainly by a weaker peso against the US dollar.
Sales from non-Mexican operations constituted 73% of consolidated net sales during the quarter.
Operating income increased 52% from the year-ago-quarter to reach MXN790m driven by Gruma Corporation. Gruma Corp., which is based in Texas, is the tortilla and corn flour operating arm of Gruma the holding company.
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By GlobalDataDebt increased 19% to $919m in September, the company reported.
Gruma last week completed a debt restructuring in which the company converted $738.3m in exchange derivative losses into medium- and long-term loans.
The group also refinanced its $197m debt obligations under its five-year syndicated credit facility and refinancing its MXN3.37m credit facility with Bancomext.
