Mexico City / MX. (bw) Grupo Bimbo S.A.B. de C.V. reported its results for the second quarter ended June 30, 2010. Net sales for the quarter were 28,8 billion MXN, slightly higher compared to the same period of last year. The 30 basis point improvement reflected a continued recovery in Mexico, where sales rose 4,8 percent in the period, offset by the impact of translating U.S. Dollar-denominated sales, which grew 2,1 percent in Dollar terms in the period, into Mexican Pesos at a significantly lower FX rate than in the second quarter of last year. On a sequential basis, volumes strengthened across every region. The consolidated gross margin expanded 0,6 percentage points over the same quarter of last year to 53,6 percent, reflecting a 2,2 percentage point expansion in Mexico resulting from lower commodity costs and a more favourable FX rate. Nonetheless, operating income and Ebitda remained nearly unchanged in the quarter largely due to the impact of FX rates, higher marketing expenses intended to boost volumes, and lower prices in the U.S. operations. This resulted in stable margins at a consolidated level. Net majority income totalled 1,3 billion MXN for the quarter, a decline of 12,4 percent when compared to the same period of 2009, while the margin contracted by 0,6 percentage points.
Info: complete press release (PDF; nine pages; 1’233 KB).
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