Mexican corn miller Gruma reports surge in 3rd-qtr profit

MEXICO CITY Wed Oct 23, 2013 6:21pm EDT

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MEXICO CITY Oct 23 (Reuters) - Mexican corn miller and tortilla maker Gruma on Wednesday said its third-quarter profit rose 136 percent, helped by lower costs and a greater share of profits after the firm bought back a stake held by U.S. agribusiness giant Archer Daniels Midland.

Gruma reported a profit of 631 million pesos ($48 million) for the July-September period, compared to a profit of 267 million pesos in the year-earlier period, according to a filing with the Mexican stock exchange.

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

Revenue rose 0.9 percent to 13.804 billion pesos.

Shares in Gruma closed down 0.21 percent at 80.13 pesos in trading before the company reported its quarterly results.

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