Mexico-based food company Grupo LALA has posted a 69.8% increase in its Q1 2014 net income to MXN795.7m ($60.6m), compared to MXN468.6m ($35.7m) in the same quarter last year.
The company reported a 6.7% rise in year-on-year sales, and 7.5% year-on-year increase in earnings before interest, taxes, depreciation and amortization (EBITDA) during the quarter.
Gross profit for the first quarter of fiscal 2014 also increased by 8.8%, with a gross margin of 36%.
Grupo LALA CEO Arquimedes Celis said the first part of the year was characterized by moderate consumer demand and a challenging macroeconomic environment, both of which impacted this quarter's results.
"However, Grupo LALA continued to make progress related to important growth initiatives, supported by our successful business model and innovative products."
"We therefore, remain committed to growth and productivity-related investments, evidence of which, is the one hundred million dollar investment we recently announced to increase milk and cheese capacity at our Torreon and Irapuato plants, respectively, which allows us to expand our presence in these key categories in which we participate while solidifying our leadership position," Celis added.
