MEXICO CITY, April 25 (Reuters) - 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.