Industrias Bachoco reported a net majority income of Ps. 316.8 million (US$23.81 million) in the second fiscal quarter of 2012, compared to a net majority income of Ps. 140 million (US$10.52 million) reported in the same quarter of 2011, according to reports.
The company's net majority income for the first half of 2012 was Ps. 977.4 million (US$73.45 million), compared to a net majority income of Ps. 295.5 million (US$22.21 million) reported in the same period of 2011. Industrias Bachoco saw an increase in chicken sales of 48.3 percent compared to 2011, due to the integration of the subsidiary OK Foods, which was consolidated into Bachoco in November 2011. Table egg sales were up 12.7 percent, as a result of a 10.6 percent increase in prices (prices were down 13 percent when compared to the first quarter of 2012) and a 1.9 percent rise in volume sold.
"For the second quarter, Bachoco's poultry and balanced feed business lines demonstrated a proper balance between supply and demand," said CEO Rodolfo Ramos. "On the contrary, the egg business line experienced oversupply conditions and high production costs, which narrowed margins in this business line when compared to the same period in 2011. Bachoco incorporated into the category of "other business lines" sales of live swine which were also affected by oversupply conditions in the second quarter of 2012."
According to Ramos, the company's financial position remains in line with the strategic plan laid out for 2012.
