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UPDATE 1-Mexico's Grupo Bimbo Q4 net profit falls 81 pct on financing, tax
February 22, 2013 / 12:56 AM / 5 years ago

UPDATE 1-Mexico's Grupo Bimbo Q4 net profit falls 81 pct on financing, tax

MEXICO CITY, Feb 21 (Reuters) - Mexico’s Bimbo, the world’s largest breadmaker, on Thursday posted an 81 percent fall in 2012 fourth-quarter profit from a year earlier, citing increased financing costs and a higher tax rate.

Quarterly profit for the October-December period came in at 176.19 million pesos ($13.7 million), down from 913.6 million pesos in the year-earlier quarter.

The company said revenues for the quarter came in at 45.23 billion pesos ($3.54 billion), up 8.9 percent compared with the fourth quarter of 2011.

Bimbo’s financing costs rose 4.8 percent, reaching 869.5 million pesos, while the company’s tax liabilities rose 48 percent for the quarter, totaling 1.12 billion pesos.

“The performance during the quarter remained essentially in line with the trends of the previous periods,” the company said in its filing with the Mexican stock exchange.

The company said weaker-than-expected consumption in Brazil as well as higher expenses in its Sara Lee operations in the United States also dented results.

The company’s shares gained 0.18 percent to close at 32.98 pesos on Thursday, prior to the release of its quarterly report.

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