Mexico's Lala posts nearly 300 pct rise in third-qtr profit
MEXICO CITY Oct 25 (Reuters) - Mexican dairy producer Grupo Lala posted a nearly 300 percent rise in third-quarter profits on Friday, as it published its first public set of results after its $1 billion initial public offering earlier this month.
Profits for the June-September period were 900.3 million pesos ($68.4 million), up from 228.9 million pesos over the same period last year, helped by lower financing costs and the sale of higher-priced goods, the company said in a regulatory filing.
Lala said revenues for the quarter rose 10.4 percent to 11.1 billion pesos.
The company plans to use the money raised in its IPO to expand outside of Mexico and Central America and invest in technology and plants to cut costs, Lala chief financial officer Antonio Zamora told Reuters last week.
Companies in Mexico have raised more than $10 billion in initial and secondary stock listings year to date, a record figure for Latin America's second-biggest economy.
Lala shares closed down 0.17 percent at 28.92 pesos per share before the results were published.