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.
- White House reverses, says Obama met uncle and lived with him during law school
- South Africa mourns Mandela, will bury him on December 15 |
- Flights delayed as air pollution hits record in Shanghai
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- Struggling Sears to spin off Lands' End clothing label