MEXICO: Coca-Cola FEMSA YTD profits up 21%
- Nine-month net profits rise by 21.2% to MXN8.92bn (US$688m)
- Net sales up by 23.6% to MXN106.2bn
- Operating profits rise by 14.6% to MXN14.5bn
- Group says its looks forward to "strong close of the year"
Coca-Cola FEMSA is confident of it performance for the rest of the year
Coca-Cola FEMSA has reported a healthy rise in nine-month profits helped by three acquisitions made in its domestic market of Mexico last year.
Net profits in the nine months to the end of September rose by 21.2% to MXN8.92bn (US$688m), the Coca-Cola bottler said today (24 October). Sales were up in the same period by 23.6% to MXN106.2bn.
Operating profits increased by 14.6% to MXN14.5bn in the YTD, a pick-up in performance on the group's first half.
In the third quarter, net profits saw a sharp jump - up 53% to MXN3.5bn - while sales rose by 20.3% to MXN36.2bn.
The group flagged double-digit sales growth in both of its divisions, as well as the integration of the three Mexican businesses it purchased last year - Grupo Fomento Queretano, Grupo Cimsa and Grupo Continental - as the reason for its performance.
Looking ahead, CEO Carlos Salazar Lomelin, said: "After facing a very tough commodity and volatile currency environment over the past several quarters, we look forward to a strong close of the year."
Shares in Coca-Cola FEMSA were up by 0.49% today at MXN172.29.
To read the company's full announcement, click here.
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