July 22, 2014 / 9:55 PM / 3 years ago

Bread maker Bimbo reports sharp rise in second-quarter profit

MEXICO CITY, July 22 (Reuters) - Mexico’s Grupo Bimbo, one of the world’s largest bread makers, on Tuesday reported a sharp rise in second-quarter profit, helped by a pickup in its core profit, as well as lower financing costs and a lower effective tax rate.

The company reported a profit of 1.617 billion pesos ($125 million) in the quarter, up 73 percent from 937 million pesos a year earlier.

Revenue at Bimbo, whose brands include Thomas’ English Muffins, Entenmann’s cakes and Tia Rosa tortillas, rose 5 percent to 45.5 billion pesos, helped by recent acquisitions including Canada Bread.

The company reported financing costs of 517 million pesos, compared to 621 million pesos in the year-earlier period. Bimbo said its effective tax rate fell to 37.3 percent from 42.2 percent in the same quarter a year earlier.

Bimbo shares closed down 0.96 percent at 41.16 on Tuesday, before the company reported its results.

$1 = 12.9865 pesos at end June Reporting by Elinor Comlay; Editing by Grant McCool

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