Kimberly-Clark De Mexico 2Q Net Profit Down 9% To MXN980 Million
21 Juillet 2011 - 11:23PM
Dow Jones News
Mexican consumer products company Kimberly-Clark de Mexico said
Thursday that its sales and profits fell in the second quarter on
weak demand and higher costs.
The unit of Kimberly-Clark Corp. (KMB) said its net profit
declined 9% from the second quarter of 2010 to 980 million pesos
($83.7 million), or MXN0.93 per share.
Sales were 3% lower at MXN6.41 billion, and operating profit
fell 9% to MXN1.65 billion.
"Second quarter results were disappointing," the company said in
a release. "We continued to face sluggish domestic demand. In
addition, promotional activity by our customers was significantly
reduced during the quarter and clients reduced inventories in
response to market performance and credit collection risks."
Results were also affected by higher raw materials and energy
costs, which were only partially offset by higher prices and
cost-cutting efforts. Kimberly-Clark de Mexico makes diapers,
tissues, napkins and other health and hygiene products. The company
made capital expenditures of MXN1.84 billion in the quarter, and
spent MXN778 million on stock repurchases.
Kimberly-Clark de Mexico series A shares traded on the Mexican
stock market closed down 0.1% at MXN73.88 Thursday ahead of the
report, midway between their 12-month high of MXN81.75 and 12-month
low of MXN65.50.
-By Anthony Harrup, Dow Jones Newswires; (5255) 5980-5176;
anthony.harrup@dowjones.com
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