February 8, 2011

Industrias Bachoco reports higher Q4 returns

Industrias Bachoco has reported a profit of MXN479 million (US$40.01 million) for Q4 ended December 31, 2010, compared with a net loss of MXN109 million (US$9.10 million) for the same period last year.

The company's net sales for the fourth quarter of 2010 were MXN6.37 billion (US$0.53 billion), compared with MXN5.8 billion (US$0.48 billion) for the corresponding quarter of 2009.

Net income for the year ended December 31, 2010 was MXN2.01 billion (US$0.17 billion), or MXN3.34 per share (US$0.28), compared with MXN818 million (US$68.32 million), or MXN1.35 (US$0.11) per share, for the year 2009.

Net sales for the Mexican-based producer and processor of poultry products for the year 2010 were MXN24.81 billion (US$2.07 billion), compared with MXN23.27 billion (US$1.94 billion) for the year 2009.

Rodolfo Ramos, CEO of Industrias Bachoco, said, "The fourth quarter is typically a good quarter for the company, and this year was not the exception; we recorded solid results. Our chicken business line performance was strong during the quarter; we observed a good demand and prices were sound."