The Mexican producer and marketer of poultry products Bachoco expects its fourth quarter to be affected by the slowdown in prices, especially in the United States, its CEO said Monday.
The company on Monday reported a 15% year-over-year increase in its third-quarter net income to 972.1 million pesos.
“Most of the negative impact of the slowdown in prices will be seen in the fourth quarter of 2022, especially in the United States,” said Bachoco CEO Rodolfo Ramos at a press conference.
The United States reported just over 25% of Bachoco’s net sales, according to results published by the Mexican company.
In terms of cost of sales, the poultry firm registered between the months of July and September an increase of 20.3% compared to the same period of the previous year.
Ramos added that they have appreciated the beginning of a decrease in the costs of convenience products, but that he still sees “a lot of uncertainty in that field.”
Industrias Bachoco is part of the group of 15 food manufacturers and retailers that earlier this month signed an agreement with the Mexican government to control soaring inflation.
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