February 21, 2014 / 12:40 AM / 4 years ago

Mexico's Grupo Bimbo 4th-qtr profit rises six-fold

MEXICO CITY, Feb 20 (Reuters) - Mexico’s Grupo Bimbo , one of the world’s largest bread makers, on Thursday reported a 622 percent increase in fourth-quarter profit due to increased revenue and weak comparatives from a year earlier.

The company reported a profit of 1.28 billion pesos ($97.5 million) in the three months to end-December, compared with 176.75 million pesos in the same period in 2012.

In the fourth quarter of 2012, Bimbo reported an 81 percent slump in profit after a sharp increase in taxes and financing costs.

Sales at Bimbo, whose brands include Thomas’ English Muffins, Entenmann’s cakes and Tia Rosa tortillas, rose 2.7 percent to 46.48 billion pesos.

Grupo Bimbo said earlier this month it would buy Canada Bread Company for $1.83 billion in cash, its latest in a string of large North American takeovers.

Shares of Bimbo closed 1.78 percent down at 33.73 pesos before the company reported.

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