MEXICO: Beer drives rising FEMSA profits
Buoyant beer sales have lifted revenues and earnings at Mexican drinks group FEMSA.
The company, which produces beer brands including Sol and Dos Equis, said on Friday (28 July) that second-quarter profits from its beer business leapt 19% on the back of a 10% rise in sales.
That performance drove a 9% increase in group operating profit to MXN4.8bn (US$441.4m) as revenues rose 13% to MXN31.8bn.
"A robust consumer environment continued through the second quarter in our main markets, particularly Mexico, and we capitalised on it as our beer operations delivered compelling volume growth with strong pricing," said chairman and CEO Jose Antonio Fernandez.
Last week, Coca-Cola FEMSA, in which the Mexican company owns almost 46%, reported a 21% drop in net income due to a weak Mexican peso.
Mexico's peso lost over 3% against the dollar during the second quarter, resulting in foreign exchange losses for Coke FEMSA, which produces Coke in nine Latin American countries, including Brazil and Argentina.
FEMSA told just-drinks last month that it was looking to take majority control of the bottler by the end of the year.
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