Mexican poultry company Bachoco reported a net financial income of MXN197.3 million (US$10.5 million) during the second quarter of fiscal year 2016, an increase of 49.3 percent when compared to the same quarter of 2015.
The company attributed the increase mainly to higher interest income.
In its financial report released on July 25, Bachoco also reported MXN $13.4 billion (US$714 million) in net sales, a 12.9 percent year-over-year increase. Broken down by geographical region, Bachoco’s net sales in Mexico reached MXN10.1 billion and its net sales in the U.S. were MXN3.3 billion.
Net sales in terms of volume for the quarter were 524,083 tons, an increase of almost 5 percent.
“This second quarter was in line with the seasonal behavior of the poultry industry,” said Rodolfo Ramos Arvizu, CEO of Bachoco. “We observed a normalized growth rate in both of the markets in which we compete, and a strong demand in the Mexican market, resulting in a better balance between supply and demand.
Price recovery in chicken also played a contributing role in the company’s improved results, the CEO added.
O.K. Foods is Bachoco’s U.S. subsidiary. According to the WATTAgNet Top Poultry Companies Database, it is the 17th largest broiler company in the United States.