MEXICO CITY, April 25 Mexican breadmaker Grupo
Bimbo on Thursday posted a 9.4 percent decline in
first-quarter profit as the company paid more in taxes.
The world's largest bread company said first-quarter profit
was 544.24 million pesos (US$44 million)compared with 600.91
million pesos a year ago.
It reported revenue for the quarter of 41.67 billion pesos,
up 1.6 percent compared with the first quarter of 2012.
Bimbo's tax bill grew, and it paid an effective tax rate of
45.5 percent in the first quarter compared with 32.3 percent in
the first quarter of 2012.
Bimbo said the effective tax rate increased as, under new
accounting rules, it dialed down expectations of recovering
certain fiscal losses in Brazil.
The company's shares closed up 2.26 percent to close at 41.63
pesos, prior to the release of its quarterly report.