Mexico's Grupo Bimbo first-quarter net profit drops nearly 42%

Mexican breadmaker Bimbo's first-quarter net profit fell by about 42% compared to the year-ago period to settle at 2.4 billion pesos, the firm said in a filing on Monday.

Revenues for the company, which sells buns, cakes, cookies, bagels and tortillas across more than 30 countries, shrunk 6% to 93.2 billion pesos.

($1 = 16.5310 Mexican pesos at end-March)