MEXICO CITY Oct 25 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
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.