Mexican corn miller Gruma reports higher fourth-quarter profit
MEXICO CITY Feb 26 (Reuters) - Mexican corn miller and tortilla maker Gruma said on Wednesday its fourth-quarter profit nearly doubled from the year-earlier period, helped by a sharp drop in financing costs that offset weaker revenue.
The company reported a profit of 2.097 billion pesos ($160 million), compared to a profit of 1.115 billion pesos in the year earlier period.
Revenue fell 2 percent to 13.666 billion pesos and sales volume also fell 3 percent, hurt by a dip in government sales, the company said.
Offsetting the lower revenue, the company said financing costs fell 25 percent in comparison with the year-earlier period as Gruma paid less on its U.S. dollar-denominated debt.
Gruma shares closed up 0.57 percent at 107.86 pesos before the company reported its results.
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