A higher tax bill hit Grupo Bimbo’s bottom line in the first quarter of the year but the Mexico-based bakery giant reported an increased operating profit.

The company revealed net profit fell 9.4% in the first quarter of the year to MXN544m (US$44.5m). Bimbo said that its effective tax rate in the three-month period totalled 45.5%, compared to 32.3% in the comparable period of last year.

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However, operating income in the first quarter rose 16.2% to MXN2bn, while the group’s operating margin expanded 60 basis points.

The company also booked an increase in sales, as growth in the US and Mexico more than offset a slowdown in Latin America. Total sales were rose to MXN41.37bn, climbing 1.6%, the company revealed.

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