Profits for Mexican poultry producer Bachoco dropped nearly 2.2 percent during the third quarter of fiscal year 2013, but its profits for the first nine months of 2013 improved by 17.6 percent when compared to the first nine months of 2012. Bachoco released its financial results for the quarter ending September 30 on October 24.
"This was a typical third quarter for the company, in terms of seasonality, with chicken prices at their weakest. Nevertheless, we continued to post positive results and margins in all of our main business lines, with chicken volumes fully recovering by the end of the third quarter as we had anticipated," said Bachoco CEO Rodolfo Ramos Arvizu. "As a result, we estimate that our chicken market share has been recovered, thanks to the confidence of our clients in our company and the excellent job of our sales force. Additionally, we faced a tough basis of comparison due to strong results posted in the third quarter of 2012, which was atypically strong, in terms of seasonality for the poultry industry."
Profits were reported at Ps. 8,155.5 million for the third quarter of 2013, compared to the Ps. 8,342.6 million recorded for the third quarter of 2013. However, its profits for the first nine months of 2013 were measured at Ps. 5,267.1, a 17.6 percent improvement from the Ps. 4.420 million recorded during the first nine months of 2012.
Bachoco's third quarter net sales totaled Ps. 9,437 million, 4.7 percent below the Ps. 9,901 million reported in the third quarter of 2012. The change mainly resulted from lower chicken prices in the Mexican market and a drop in chicken volume when compared to the third quarter of 2012. Total sales for the first nine months of 2013 increased 4.6 percent when compared to the same period of 2012.