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Mexico’s Bimbo sees Q4 net profit rise 66.9% due to strong sales -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Grupo Bimbo logo is seen on an August 8th, 2018 delivery truck in Monterrey (Mexico). REUTERS/Daniel Becerril

MEXICO CITY, (Reuters) – Grupo Bimbo, a Mexican breadmaker, reported a 66.9% rise in its fourth quarter net profit Tuesday. This was due to strong sales and lower financing costs, as well as an effective income tax rate.

Grupo Bimbo earned 4.8 billion pesos ($235 million) during the October-to December period. This beats the Refinitiv estimate at 3.3 billion ($162 millions).

The company, which operates around 100 brands, reported that revenue grew by 14.9% over the past three months, driven by favorable prices.

Earnings Before Interest, Tax, Depreciation, And amortization (EBITDA), for quarter rose to 13.5 trillion pesos. This beats the Refinitiv estimate which was 12.9 billion.

($1 = 20.5075 pesos at end-December)

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