Mexico's Grupo Bimbo says first-quarter profit falls 10 pct
MEXICO CITY, April 29
MEXICO CITY, April 29 (Reuters) - Mexico's Grupo Bimbo , one of the world's largest bread makers, on Tuesday reported a 10 percent drop in first-quarter profit, hurt by one-time charges in its U.S. business.
The company reported a profit of 513.4 million pesos ($39.3 million) in the quarter, compared with 569.5 million pesos a year earlier.
Bimbo took a $45 million charge related to its U.S. business, where it is in the process of closing some plants and building and modernizing others.
Sales at Bimbo, whose brands include Thomas' English Muffins, Entenmann's cakes and Tia Rosa tortillas, rose 1.27 percent to 41.979 billion pesos.
Bimbo said earlier this year it would buy rival Canada Bread Company for $1.66 billion in cash, its latest in a string of large North American takeovers.
- NOAA employee charged with stealing U.S. dam information
- Autopsy of slain Missouri teen shows close-range gunshot: report
- Special Report: Traffickers use abductions, prison ships to feed Asian slave trade
- Hong Kong protesters march after fruitless talks with government
- Sweden gets two new sightings, as hunt for undersea intruder goes on