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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

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.

Click here for the full earnigns update. 

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - The Benefits of Entering

Gain the recognition you deserve! The Just Food Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving food industry advancements. Don’t miss your chance to stand out—submit your entry today!

Nominate Now