Rising raw material costs during the second quarter have weighed on first-half profits at Mexican bakery and confectionery group Grupo Bimbo.
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Grupo Bimbo, which has operations across the Americas, Europe and Asia, booked operating profit of MXN2.5bn (US$228.7m) – a rise of over 1.7% – for the six months to the end of June.
Earnings from its domestic business, which accounts for over 90% of profits, fell by almost 4% due to higher raw material and distribution costs.
Turnover, however, rose 8.7% to MXN33.9bn on the back of rising sales in Mexico, the US and Latin America, the three reporting regions of Grupo Bimbo.
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