Mexican poultry group Industrias Bachoco saw its first-quarter earnings more than double thanks in part to success in passing on higher costs.
The company yesterday (20 April) booked operating profit of MXN494.8m (US$36.9m) for the three months to the end of March – up from MXN244.4m a year earlier.
Bachoco said its revenues had risen by almost a quarter, climbing 23.7% to MXN5.87bn. Chicken sales rose by more than 28%, table eggs sales climbed by 11% and swine sales jumped by almost 46%.
“There was a favorable balance between supply and demand that allowed us to transfer part of our past cost increases to our prices in our main product lines,” said Bachoco CEO Cristobal Mondragon.