Industrias Bachoco Q3 Profit Declines

(RTTNews) - Mexican poultry producer Industrias Bachoco S.A.B. de C.V. (IBA) Thursday reported net income of Ps. 353.5 million or Ps. 0.59 per share or Ps. 7.07 per ADR for the third quarter. This is a decline from net income of Ps. 627.5 million or Ps. 1.05 pesos per share or Ps. 12.56 pesos per ADR last year.

Net sales for the quarter totaled Ps. 9,437.0 million, down 4.7% from Ps. 9,901.0 million a year ago. This mainly resulted from lower chicken prices in the Mexican market and a drop in chicken volume compared to 3Q12. This was partially offset by an increase in egg sales, while the rest of the Company's business lines had mixed results.

In 3Q13, sales of our U.S. operations represented 23.0%% of total sales, compared with 22.0% in 3Q12.