Mexican breadmaker Grupo Bimbo said on Tuesday its second-quarter net profit fell 87 percent compared to the year-earlier quarter, after it took a $105 million charge for a voluntary redundancy program.
The company said net profit was 195.5 million pesos ($9.8 million) between April and June. Revenue rose more than 11 percent, mostly due to strong volumes in Mexico and recent acquisitions, the company said.
The company’s U.S. subsidiary recently completed a voluntary redundancy program.
Bimbo in recent years has expanded into China, India and Morocco, while growing its U.S. footprint. ($1 = 19.8730 pesos).