Bachoco reported a 3 percent increase in its net income for the third quarter of fiscal year 2016.

The poultry company, which has operations in both Mexico and the United States, reported a net income of MXN809.7 million (US$43.4 million) for the period ending September 30.

“For the quarter, in Mexico we continued with a high level of volatility regarding the exchange rate of the Mexican peso, while the economy continued growing and the inflation rate was kept relatively low,” said Rodolfo Ramos Arvizu, CEO of Bachoco.

“In Mexico, we observed a normal supply in the poultry industry and as it is typical for the third quarter, lower prices. On the other hand, we continued with good demand levels. In the U.S. industry, we observed weaker prices when compared with the same period of 2015, even when many countries have lifted their trade restrictions on U.S. exports.”

The CEO added that the table egg industry in both countries are under conditions of oversupply and lower prices.

Net sales by country

Bachoco’s net sales increased by 11.3 percent, going from MXN11.3 billion (US$606 million) during the third quarter of 2015 to MXN12.6 billion (US$676 million) during the most recent quarter.

Broken down by country, Bachoco’s net sales in Mexico were up 10.7 percent at MXN9.4 billion (US$504 million), while its net sales in the U.S. were up 16.7 percent at MXN3.18 billion (US170.5 million). O.K. Foods is Bachoco’s U.S. subsidiary.