MEXICO: Coca-Cola FEMSA cheers Mexico for Q3 rises

Coca-Cola FEMSA has posted a healthy set of third-quarter results with its domestic market providing operating income growth for the first quarter in over a year.

The Mexico-based Coca-Cola producer and distributor said today (26 October) that operating profit for the three months to the end of September increased by 11.5% year-on-year to MXN2.82bn (US$261.3m). Sales followed suit, up by 6% to MXN16.70bn.

Net profit was also up, by 4.8% to MXN1.89bn.

For the nine months of the year so far, operating profit lifted by 11.1% to MXN8.02bn, while sales were up by 7.8% to MXN49.24bn.

Net profit leapt markedly in the nine-month period, by 34.7% to MXN4.86bn.

"Our performance displayed the advantages of our balanced, geographically diversified portfolio of assets, with more than 73% of our top-line growth coming from our operations outside of Mexico," said Coca-Cola FEMSA's CEO, Carlos Salazar Lomelin.

"In Mexico, we have been increasing our profitability; in fact, this is the first quarter in more than a year that we have achieved operating income growth."

Earlier this month, Coca-Cola FEMSA launched a public tender offer, with The Coca-Cola Co., for Latin American juice company Jugos del Valle.

"This transaction, which we expect to close in November, will considerably increase our company's position in Latin America's fast-growing still beverage segment," Lomelin added.

The Coca-Cola Company owns just under 32% of Coca-Cola FEMSA.