CELAYA, Mexico, Dec. 29 /PRNewswire-FirstCall/ -- Industrias Bachoco
S.A.B. de C.V. ("Bachoco" or "the Company") (NYSE: IBA; BMV: Bachoco),
Mexico's leading producer and processor of poultry products, today announced
that following the Mexican Stock Exchange recommendation, the Company is
disclosing the main effect resulting from the reform of the Mexican tax laws,
according to information published in the Official Gazette on December 7,
2009. As a result, Bachoco's income tax rate will increase two percentage
points for the year 2010.
As a consequence of such increase, during this fourth quarter the Company
will record a one-time charge of about Ps.200 million for deferred taxes;
nonetheless, this charge will not affect the Company's cash flow.
Bachoco does not expect any other material effects on its financial
condition resulting from other items in the above-mentioned Mexican reforms.
Industrias Bachoco S.A.B. de C.V. is the largest poultry company in
Mexico, with over 800 production and distribution facilities currently
organized in nine complexes throughout the country. Bachoco's main business
lines are chicken, eggs, swine and balanced feed. The Company's headquarters
are based in Celaya, Guanajuato, located in Mexico's central region. Its
securities are listed and traded on the BMV (Bachoco) and on the NYSE (IBA).
For more information, please visit Bachoco's website at
http://www.bachoco.com.mx or contact our IR department.
This press release contains certain forward-looking statements that are
subject to a number of uncertainties, assumptions and risk factors that may
influence its accuracy. Actual results may differ. Factors that could cause
these projections to differ include, but are not limited to: supply and
demand, industry competition, environmental risks, economic and financial
market conditions in Mexico, and operating cost estimates. For more
information regarding Bachoco and its outlook, please contact the Company's
Investor Relations Department.
SOURCE Industrias Bachoco S.A.B. de C.V.