Grupo Bimbo, the Mexican bakery company, has seen its second-quarter net profit fall 12.4% due to flat sales and higher expenses.
Net profit reached MXN1.25bn (US$98.2m), down from MXN1.43bn in the second quarter of 2009, the company said in a Mexican Stock Exchange filing.
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Sales were relatively flat at MXN28.78bn, with growth in Mexico offset by foreign exchange impacts on its US and Latin American operations.
Sales in Mexico grew 4.8% to reach MXN14.05bn due to growth across all product lines, particularly in bread, sweet baked goods and snacks.
US sales fell 3.9% to MXN12.2bn largely due to the strengthening peso. Revenue from its Latin American operations grew 1.4% to MXN3.26bn with good results in Chile, Colombia and Bolivia.
Operating income dropped 1.2% to MXN2.7bn, while EBITDA rose 1.1% to MXN3.6bn.
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