Mexico-based bakery giant Grupo Bimbo has reported higher half-year sales and earnings.
The company booked a 3.5% rise in net sales to MXN87.65bn, helped by May’s acquisition of Canada Bread from Maple Leaf Foods. Bimbo also pointed to a “good performance” in Latin America and Europe.
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Operating income was up 8.1% at MXN4.84bn. The profitability of Bimbo’s domestic business improved and its losses in Latin America and Europe narrowed. Both these factors offset a 34% in operating income from Bimbo’s operations in the US and Canada, where the absorption of fixed costs was low amid weak volumes and where it incurred restructuring charges.
Bimbo’s net income for the first half of 2014 stood at MXN2.14bn, a rise of 42.2% on the year, with a lower tax rate and a fall in financing costs also helpings its bottom line.
Click here for the full statement from Bimbo.
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