MEXICO CITY (Reuters) - The world’s largest breadmaker, Mexico’s Grupo Bimbo (BIMBOA.MX), on Wednesday said its third-quarter profit more than quadrupled, helped by higher sales, falling raw materials prices and more efficient global operations.
The company, whose brands include Thomas’ English Muffins, Entenmann’s cakes and Tia Rosa tortillas, said in a filing with the Mexican stock exchange that quarterly profit climbed to 1.527 billion pesos ($116 million) compared to 368 million pesos in the same quarter a year ago.
A weaker Mexican peso helped the company said increasing efficiencies in its U.S. operations also helped profits rise.
Grupo Bimbo’s revenue rose 3.8 percent to 45.152 billion pesos.
Shares in Bimbo closed down 1.07 percent at 41.47 pesos before the company reported its third-quarter results.
($1 = 13.1524 pesos at end-September)
Reporting by Michael O'Boyle