Sales up 7% at Gruma

Mexican flour producer Gruma has posted majority net income of 4,093 million pesos ($354,728,000) in the first quarter ended March 31, up sharply from 257 million pesos in the same period in fiscal 2010.

Sales totaled 11,921 million pesos ($1,033 million), up 7 per cent from 11,155 million pesos in the same period a year ago.

The company said sales reflected increases across all subsidiaries, in particular Gruma Venezuela, GIMSA and Gruma Corp.

Operating income at Gruma Corp. totaled 287 million pesos ($24,873,000), down 14 per cent from 333 million pesos in the first quarter of fiscal 2010.

Net sales totaled 5,232 million pesos ($453,438,000), up 5% from 4,990 million pesos a year ago. Sales volume at Gruma Corp. rose 8 per cent due mainly to the acquisition in April 2010 of the leading producer of corn grits in the Ukraine and higher corn flour sales in the United States.