MEXICO: Coca-Cola Femsa suffers profit slide
Coca-Cola Femsa has said that net profit plunged by 35.5% in the third quarter of 2008, as costs overshadowed a double-digit revenue rise.
Net profit for the three months ended 30 September fell to MXN1.25bn (US$91m), due to extra financial costs, Coca-Cola Femsa announced today (23 October).
Part of the fall was attributed to write-down charges associated with the disposal of fixed assets, including a production facility in the group's home country of Mexico, it added.
Revenue rose 14.5% to MXN19.77bn for the quarter, boosted significantly by the bottler's acquisition of Refrigerantes Minas Gerais, it said. Total volumes increased by 8.5% to 572.4m unit cases.
CEO Carlos Salazar Lomelin praised his firm's ability to deliver double-digit revenue growth "in the face of today's challenging economic environment".
"This acquisition, once completed, will enable us to expand our product portfolio to satisfy consumers' preferences and advance our water strategy," he said.
Lomelin added that Femsa had also begun distributing the Jugos Del Valle line of juice-based beverages in Colombia, Panama, and Nicaragua during the third quarter, a move which will help the group introduce new products, such as Vallefrut in Mexico.
Femsa net profit for the first nine months of 2008 fell 4.8% to MXN4.74bn, compared to the same period of 2007.
Mexico-based soft drinks bottler and brewer, Femsa, saw fourth quarter profit plunge 76% yesterday (26 February), hurt by a foreign exchange loss related to the peso's decline. Michelle Russell looks ...
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