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Wednesday, April 7, 2010 as of 11:14 AM ET

Grupo Bimbo

    Grupo Bimbo (pronounced "BEEM-bo") () is the world's largest baking company, with brands in Americas, Asia, and Europe.

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    Get updates on Grupo Bimbo
    Mexico's Bimbo 1Q Net Profit Tumbles On Higher Financing Costs

    Mexican baked goods concern Grupo Bimbo SAB (BIMBO.

    MX) said Thursday its net profit fell sharply on the year in the first quarter due to higher financing costs, while increased raw materials costs pressured gross margins.Bimbo reported quarterly net profit of 601 million pesos ($45.6 million), down 47% from the year-ago quarter, as financing costs rose by MXN268 million due to interest and commissions on debt, and a MXN73 million foreign exchange loss. The company showed a net profit margin of 1.5%.Bimbo operates in 18 countries in addition to Mexico, with sales in the Americas, Asia and Europe.The company said its quarterly sales totaled MXN40.9 billion, a 39% increase, driven by 12% organic growth mainly in Mexico and Latin America, and the integration of the Sara Lee operations in the U.S. and Iberia and Fargo in Argentina. Acquisitions boosted sales by 27%.The Sara Lee business, though, also drove up operating expenses due to that unit's higher cost structure while pressuring opera...

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