Gruma posts profit in fiscal 2009

by Staff
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MEXICO CITY — Gruma, S.A.B. de C.V. posted net income of 2,097 million pesos ($163.6 million) in the fiscal year ended Dec. 31, 2009, which compared with a loss of 11,818 million pesos in the fiscal year ended Dec. 31, 2008.

The difference in year-over-year results was attributed to losses in the company’s currency derivative instruments in fiscal 2008. Sales totaled 50,489 million pesos ($3,939 million), up from 44,793 million pesos in fiscal 2008. For the fourth quarter ended Dec. 31, Gruma posted net income of 850 million pesos, up from a loss of 11,102 million pesos in the same period a year ago.

Sales were virtually unchanged at 12,770 million pesos. The company said sales volume within Gruma Corp. eased 1% during the fourth quarter due to lower U.S. tortilla sales volume in connection with a product-count reduction among the company’s tortilla stock-keeping units for the retail segment.

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