Mexican poultry processor Industrias Bachoco has said it posted “positive” results in the third quarter, despite a fall in sales and earnings.
Net profit in the three months to the end of September dropped to MXN353.5m (US$27.2m), a 43.7% decline on the prior year period. Operating profit fell to MXN373.1m from MXN782.2m last year, primarily due to lower gross profit.
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CEO Rodolfo Ramos Arvizu said it was “a typical third quarter” for the company, in terms of seasonality, with chicken prices at their “weakest”.
“Nevertheless, we continued to post positive results and margins in all of our main business lines, with chicken volumes fully recovering by the end of the third quarter as we had anticipated,” he said.
Sales dropped to MXN9.44bn, a decline of 4.7% on the prior year period, mainly due to lower chicken prices in the Mexican market and a drop in chicken volume. This was partially offset by an increase in egg sales, while the rest of the company’s business lines had “mixed results”.
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