MEXICO: Coca-Cola FEMSA sees profits climb in 2010
- Full-year profits climb by 15%
- Operating profits up by 8%
- Fourth quarter sales dropped by 3.6%
Coca-Cola FEMSA produced top-line growth in 2010
Coca-Cola FEMSA achieved double-digit profits growth in 2010, despite volatile sugar prices throughout the year.
For the year to the end of December, the company reported net profits of MXN9.80bn (US$810m), a 15% increase on the prior year. Operating profits climbed by 7.9% to MXN17.08bn, the Mexican bottler reported today (22 February).
Sales in the 12-month period edged up by 0.7% to MXN103.46bn.
In the fourth quarter, however, sales dropped by 3.6% to MXN27.99bn as a result of the devaluation of the Venezuelan bolivar. On a currency neutral basis, total revenues grew by around 12% for the quarter.
Net profits in the quarter grew by 6.9% reaching MXN3.02bn.
"In the face of unusually bad weather conditions across our Mexico and Latincentro divisions during an important part of the year, and the effect of the devaluation of the Venezuelan bolivar, we believe the strength of our diversified, defensive business profile enabled us to produce top-line growth for 2010," said Coca-Cola FEMSA's CEO, Carlos Salazar Lomelin.
Click here to view the full earnings release.
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