MEXICO CITY, (Reuters) – Grupo Bimbo in Mexico posted a 10.4% rise in net profits for the first quarter of 2012. This was largely due to higher sales volumes.

Grupo Bimbo reported in a regulatory filing, that its quarter-end earnings rose to 4.47 billion pesos ($224 mil)

Bimbo (which offers more than 100 brands) reported that revenue increased 17.8% over the initial three months of 2022 due to favorable pricing.

Bimbo has signed an agreement Monday to sell Ricolino’s confectionery business to Chocolate Maker for approximately $1.3 Billion Mondelez International Inc (NASDAQ:).

Bimbo claimed in its earnings statement that the agreement would allow it to concentrate on its bread- and snack-businesses.

Mexican company also stated that it would announce on May 18 a plan to improve sustainability.

To ensure safety for its 150 employees, the breadmaker stopped operations at its Ukrainian facility in February. This was due to the continuing Russian crisis.

($1 = 19.8911 pesos at end-March)