MEXICO CITY, July 23 Mexican corn miller and
tortilla maker Gruma said on Wednesday that its second-quarter
profit was five-times bigger than last year as better exchange
rates and lower financing costs offset a dip in sales.
The company reported a net profit of 1.135 billion pesos
($87 million) in the April to June period compared with 226
million pesos in the same period last year, according to a
filing with the Mexican stock exchange.
Revenue slipped nearly 1 percent to 12.339 billion pesos.
Cost of sales fell, as did financing charges, while the
company recorded a gain on exchange rates compared with a loss
last year, when the Mexican peso sank sharply.
Gruma shares had closed 1.1 percent higher at a
record 156.60 pesos before the company reported its results.
($1 = 12.9865 pesos at end June)
(Reporting by Michael O'Boyle. Editing by Andre Grenon)