Mexican breadmaker Bimbo's profit more than doubles
MEXICO CITY, April 23 (Reuters) - Grupo Bimbo, among the world's largest bread makers, on Thursday said its first-quarter profit more than doubled after acquisitions and exchange rate gains on sales in the United States.
Bimbo, the maker of Oroweat bread and Thomas' English muffins, reported a profit of 906.8 million pesos ($59 million), compared with a profit of 429.8 million pesos in the year-earlier quarter.
Revenue grew 20 percent from the year-earlier quarter, to 49.8 billion pesos, principally due to the inclusion in results of Canada Bread, which the company acquired last year.
In Mexico, sales grew 6.3 percent, which the company said was its fastest rate in two years. It said a strong U.S. dollar helped the value of its U.S. sales rise.
Bimbo shares were up 2.52 percent at 43.19 pesos per share when the market closed, before the company reported results.
($1 = 15.2610 pesos at end March) (Reporting by Joanna Zuckerman Bernstein and Christine Murray; Editing by Leslie Adler)
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