Mexico tortilla maker Gruma profit jumps
MEXICO CITY, April 22 (Reuters) - Mexican corn miller and tortilla maker Gruma on Wednesday reported a 58 percent jump in first-quarter net profit on higher sales and lower financing costs.
The company reported a net profit of 982.537 million pesos ($64 million) in the January to March period, compared with 621.941 million pesos for the same period last year, according to a filing with the Mexican stock exchange.
Revenue for the quarter rose 12 percent on the year to 13.522 billion pesos.
Gruma said financing costs fell because its debt level was lower and that it had a currency-derivative gain related to corn purchases in one of its subsidiaries. ($1 = 15.2610 pesos at end March) (Reporting by Christine Murray; Editing by Jonathan Oatis)
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