July 24, 2018 / 11:10 PM / a month ago

UPDATE 1-U.S. buyouts shrink Mexico's Grupo Bimbo's profit

(Adds detail on redundancy charge)

MEXICO CITY, July 24 (Reuters) - Mexican breadmaker Grupo Bimbo said on Tuesday its second-quarter net profit fell 87 percent compared to the year-earlier quarter, after it took a $105 million charge for a voluntary redundancy program.

The company said net profit was 195.5 million pesos ($9.8 million) between April and June. Revenue rose more than 11 percent, mostly due to strong volumes in Mexico and recent acquisitions, the company said.

The company's U.S. subsidiary recently completed a voluntary redundancy program.

Bimbo in recent years has expanded into China, India and Morocco, while growing its U.S. footprint. ($1 = 19.8730 pesos) (Reporting by Mexico City Newsroom; Editing by Sandra Maler)

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