Mexican bread maker Bimbo reports fourth-quarter loss
MEXICO CITY Feb 26 (Reuters) - Grupo Bimbo, among the world's largest bread makers, reported a fourth-quarter loss on Thursday as the Mexican company took charges related to its U.S. pension plans and spent more heavily to improve its U.S. plants and distribution network.
Bimbo reported a loss of 231 million pesos ($15.7 million), compared with a profit of 1.31 billion pesos a year earlier.
Revenue climbed 11 percent to 51.12 billion pesos, helped by the company's acquisition of Canada Bread last year.
Operating profit fell 40 percent to 1.56 billion pesos from 2.61 billion pesos, reflecting the one-off charges.
Bimbo said it took a charge of 1.99 billion pesos related to its U.S. pension plans, while it had expenses of 634 million pesos related to improvements the company is making to its U.S. business.
Shares of the company closed up 0.9 percent at 42.74 pesos before it reported results. ($1 = 14.7475 pesos at end December) (Reporting by Elinor Comlay; editing by Matthew Lewis)
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