Mexico's Gruma reports Q1 profit soars nearly 150 percent
* 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.
- Obama critic D'Souza spared prison for violating election law
- U.S. and Arab allies launch first strikes on militants in Syria |
- Fired UPS worker kills two supervisors, self, in Alabama shooting
- Israel downs Syrian warplane it says violated its Golan airspace
- Bin Laden son-in-law sentenced to life in U.S. prison