Grupo Bimbo income rises 40% in quarter

by Eric Schroeder
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MEXICO CITY — Net majority income of Grupo Bimbo S.A.B. de C.V. in the third quarter ended Sept. 30 was NP2,098 million ($159,697,000), up 40% from NP1,495 million in the same period a year ago. Sales rose 9% to NP32,230 million ($2,454 million) from NP29,571 million. The jump in income was not matched by regional operating gains and was attributed by Bimbo to a “gain in the comprehensive financing result” in the quarter, versus a loss in the third quarter of 2010.

Operating profit in the United States during the third quarter of fiscal 2011 was NP1,006 million ($76,598,000), down 4% from NP1,046 million a year ago. Sales fell narrowly to NP12,045 million ($917,343,000) from NP12,163 million.

“Net sales declined 1% in peso terms to NP12 billion, while in dollar terms sales rose 3.4%,” Grupo Bimbo said. ”This primarily reflected the benefit of better pricing, as sales in almost every category and channel rose in the third quarter. Overall volumes were lower although certain segments, such as Bimbo and Marinela sweet baked goods, registered healthy volume growth in the period.”

In the Mexico division, operating profit was NP2,391 million ($182,015,000), up 5% from NP2,285 million in the third quarter of fiscal 2010. Net sales were up 14% to NP16,461 million ($1,253 million) from NP14,433 million.

Bimbo said net sales in the Mexico division reflected good volume with strong performance in the cookies, sweet baked goods, salted snacks and confectionery categories, as well as pricing initiatives.

In Latin America, Bimbo sustained an operating loss of NP66 million ($5,027,000), which compared with operating profit of NP66 million in the same period a year ago. Net sales rose 24% to NP4,555 million ($346,971,000) from NP3,672 million.

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