Mexican bread maker Grupo Bimbo has reported a sharp rise in quarterly net profit, helped by better operating results.

The company, which is the largest bread maker in Latin America, posted net profit of 434m pesos (US$37.8m) for the second quarter to 30 June, compared to 200m pesos for the same period of last year.

Sales rose to 12.21bn pesos from 11.48bn a year earlier. Operating profit increased to 842m from 609m in the year-ago period. The result was also boosted by a May tax rebate of 135m pesos, reported Dow Jones International News.

Bimbo’s Mexican sales increased 9.3% to 8.34bn pesos, while its sales in the US slid 0.6% to 3.35bn pesos.