Gruma income up sharply in quarter

by Eric Schroeder
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MONTERREY, MEXICO — Gruma S.A.B. de C.V. posted majority net income of 4,093 million pesos ($354,728,000) in the first quarter ended March 31, up sharply from 257 million pesos in the same period in fiscal 2010. Sales totaled 11,921 million pesos ($1,033 million), up 7% from 11,155 million pesos in the same period a year ago. The company said sales reflected increases across all subsidiaries, in particular Gruma Venezuela, GIMSA and Gruma Corp. Operating income at Gruma Corp. totaled 287 million pesos ($24,873,000), down 14% from 333 million pesos in the first quarter of fiscal 2010. Net sales totaled 5,232 million pesos ($453,438,000), up 5% from 4,990 million pesos a year ago. Sales volume at Gruma Corp. rose 8% due mainly to the acquisition in April 2010 of the leading producer of corn grits in the Ukraine and higher corn flour sales in the United States. Operating income at GIMSA totaled 417 million pesos ($36,136,000), up 55% from 268 million pesos in the same period a year ago. Net sales totaled 3,174 million pesos ($275,063,000), up 8%. Sales volume at GIMSA moved up 1% to 473,000 tonnes.

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