UPDATE 2-Mexico's Bimbo Q4 profit falls on costs

* Q4 profit 1.37 bln pesos vs year ago 1.76 bln pesos

* Revenue up 1.6 pct at 30.43 bln pesos (Adds detail on costs, prices, share price)

MEXICO CITY Feb 24 (Reuters) - Mexican bread maker Grupo Bimbo (BIMBOA.MX) said its fourth-quarter profit fell as distribution and other costs rose and price hikes it implemented at the end of last year have yet to take effect.

Bimbo said on Thursday profit slipped to 1.37 billion pesos ($111 million) from 1.76 billion pesos in the year-earlier quarter.

Higher commodity prices -- particularly wheat, sugar, cocoa and oils -- as well as higher sales and distribution costs offset a pickup in sales, the company said in a statement. Revenue rose 1.6 percent to 30.43 billion pesos.

Bimbo also reported two separate one-time expenses that reduced its profit, but it did not give details on the cause of those expenses. Executives are due to talk to analysts on a call discussing results on Friday.

The company said it started to raise prices in Mexico, the United States and some Latin American countries at the end of last year and it expects its first-quarter results will show the effect of those increases.

Bimbo, which has plants across the Americas and Asia, is set to become the world's largest breadmaker when it completes its acquisition of Sara Lee's (SLE.N) North American fresh bakery unit, in a deal agreed in November.

Shares in Bimbo were down 2.1 percent at 93.98 pesos on Thursday.

($1 = 12.31 pesos at end Dec) (Reporting by Elinor Comlay; Editing by Richard Chang)