Bachoco triples net income in third quarter
Mexican poultry company Bachoco reported its net income jumped to MXN1,124.2 million (US$ 82.95 million) in the third quarter of fiscal year 2014, roughly tripling it net income of MXN353.5 million (US$26.1 million) recorded in the same quarter of 2013. The company attributes much of this increase to a higher operating income and more stable expenses.
Bachoco also reported that its net sales increased 12.5 percent during the third quarter. The quarter ended September 30.
“For Bachoco, a third quarter used to be the weakest quarter for the year in terms of profitability; this year, the quarter did not follow that pattern, as favorable conditions present in the second quarter were extended into the third one,” said Rodolfo Ramos Arvizu, CEO of Bachoco.
“Flexibility in our processes and implementation of new procedures, allowed us to take advantage of the conditions the industry offered and to achieve sound results. In general, during the quarter we observed a very stable supply in our main product lines in both the U.S. and Mexican markets; this, combined with the downtrend in our main raw material prices, allowed us to post a reduction in our production cost, contributing to our profits.”
The largest poultry company in Mexico, Bachoco has more than 700 production and distribution facilities currently organized into nine complexes throughout Mexico with a presence in the U.S. as well, according to the WATT Global Media Top Poultry Companies Database.
Industrias Bachoco reports Q3 profit
Industrias Bachoco Announces Third Quarter 2014 Results