Mexico's Gruma reports Q1 profit soars nearly 150 percent

Wed Apr 24, 2013 6:49pm EDT

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* Profit rises to 209 mln pesos

* Lower financing costs and stock repurchase drive gains

MEXICO CITY, April 24 (Reuters) - Mexican corn miller and tortilla maker Gruma said on Wednesday its first-quarter profit rose nearly 150 percent due to lower financing costs and a stock repurchase from U.S. agribusiness giant Archer Daniels Midland.

First-quarter profit rose to 209 million pesos ($26 million) from 84 million pesos a year earlier, the company said. Revenue was flat at 13.06 billion pesos.

In December last year, Gruma bought back a 23.2 percent stake of its stock that had been held by Archer Daniels Midland.

Gruma shares closed up 0.18 percent on Wednesday at 54.90 pesos before its earnings were issued after the market close.

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