Gruma suffers wide loss in '08

by Eric Schroeder
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MEXICO CITY — Gruma Corp. sustained a loss of 12,292 million pesos ($846 million) in the fiscal year ended Dec. 31, 2008, versus net income of 2,233 million pesos in fiscal 2007. The loss was attributed to the company’s currency derivative instruments. Sales totaled 44,793 million pesos, up from 35,816 million pesos in fiscal 2007. For the fourth quarter ended Dec. 31, Gruma suffered a loss of 11,124 million pesos ($765 million), which compared with income of 742 million pesos in the same period a year ago. The company said sales volume during the most recent quarter fell 1% due to lower corn flour sales volume in the United States. Meanwhile, tortilla sales volume rose 3%.

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