Mexican bread maker Grupo Bimbo has reported fourth-quarter net profit of 157m (US$14.2m) pesos, compared with 546m pesos in the year-ago period.
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Analysts polled by Reuters had forecast net profit of 367m pesos for the fourth quarter.
“Operating margin continues to be pressured by heavy costs related to the restructuring of all the company’s operations, a new technological platform and as well as increases in raw material prices,” Bimbo was quoted by Reuters as saying.
Bimbo’s fourth-quarter sales rose more than 19% year-on-year to 10.92bn pesos, due in part to higher prices of Bimbo products and the acquisition of the US baking unit of Canada’s George Weston.
The company said its full-year 2002 net profit was 973m pesos compared with 1.65bn pesos in 2001.
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