Bimbo Bakeries USA profits down in quarter
October 22, 2010
MEXICO CITY — Operating profit in the United states of Grupo Bimbo S.A.B. de C.V. in the third quarter ended Sept. 30 was NP1,047 million ($85 million), down 20% from NP1,301 million a year ago. Sales fell 4% to NP12,163 million ($983 million) from NP12,717 million.
“In dollar terms, sales fell 1.5% from the third quarter of last year, as higher volumes could not offset pricing pressures resulting from a challenging economic and competitive environment,” Grupo Bimbo said. “Among the top performing lines in the quarter were Bimbo Bread and Sandwich Thins.”
Overall net majority income of Grupo Bimbo was NP1,497 million ($121 million), down 14% from NP1,733 million in the same period of fiscal 2009. Sales rose narrowly, climbing to NP29,562 million ($2,389 million) from NP29,352 million.
“Performance in the third quarter remained on trend from the first half of the year, with results driven by volume growth, in every region, although recovery remains weak, lower product prices in the United States, and the impact of currency exchange rates,” Grupo Bimbo said.
In the Mexico division, operating profit was NP2,288 million ($185 million), up 14% from NP2,009 million in the same period of fiscal 2009. Net sales were up 5% to NP14,440 million ($1,167 million) from NP13,818 million.
In Latin America, operating profit fell 2% to NP64 million ($5.2 million) from NP66 million despite a 7% gain in sales to NP3,656 million.