July 28, 2010

Q2 profits for Industrias Bachoco drops

 

Poultry producer Industrias Bachoco's turnover for the second quarter ended June 30, 2010 has slumped to MXN618 million (US$48.71 million), or MXN1.03 (US$0.081) per share.

Compared with the same period as the previous year, the company's net income was MXN700 million (US$55.17 million), or MXN1.16 (US$0.091) per share. For the second quarter of 2010, net sales were MXN6.2 billion (US$488.62 million), compared with MXN5.99 billion (US$472.07 million) for the second quarter of 2009.

Net income for the first six months ended June 30, 2010 was MXN894 million (US$70.45 million), or MXN1.49 (US$0.12) per share, compared to MXN976 million (US$76.92), or MXN1.62 (US$0.13) per share, for the first six months ended June 30, 2009. Net sales for the first six months of 2010 were MXN12.13 billion (US$0.96 billion), compared to MXN11.86 billion (US$0.93 billion) for the first six months of 2009.

"The second quarter of the year is typically affected by seasonal effects, it used to be good for the Mexican poultry industry, and this year was no exception," said Cristobal Mondragon, CEO of Industrias Bachoco.