Grupo Bimbo continues downwards profit slide
The Mexican bread major pulled in a net profit of 544m pesos ($44.5m), down 9.4% on the year before. Taxes were cited as the core reason for the dip.
While profits were down, figures matched up favorably against a profit slump of 81% for Q4 2012 and 83% for Q3 2012.
In total, Bimbo totted up 41.6bn pesos ($3.4bn) of consolidated sales for the quarter, up 1.6% from the year before.
Sales were up in Mexico and the US, but down in Latin America underpinned by a weak consumption environment and also down in Iberia due to a challenging economic environment.
Despite the sales surge, volumes declined in Mexico, particularly in cakes and cereal bars prompted by pricing actions in the last four months, the firm said.
