MEXICO: Coca-Cola FEMSA up in Q2, acquires Brazilian bottler
Coca-Cola FEMSA has posted a strong lift in second quarter operating profit.
The Mexico-based Coca-Cola producer and distributor said today (27 July) that operating income for the three-month period rose by 10.5% year-on-year to MXN2.8bn (US$255m). Total sales for the period were up by 8.2% to MXN16.4bn.
Sales growth was driven primarily by FEMSA's domestic market and in Venezuela. CSD volumes were up by 5% to 446.8m unit cases across all territories.
"Our positive results for the quarter reflected higher domestic consumption of our beverage products, supported by our markets' strengthening economies and currency revaluations," said company CEO Carlos Salazar Lomelin. "This growth, along with our greater operating leverage, fueled a double-digit increase in operating income for the quarter and more than compensated for sweetener cost pressures in Mexico."
Coca-Cola FEMSA also noted that that it has agreed with The Coca-Cola Co. to acquire its wholly-owned Brazilian bottling franchise in the state of Minas Gerais for an undisclosed fee. The transaction, which is subject to due diligence and board approval, is expected to close early next year.
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