MEXICO: Exports drive Modelo Q3
Mexican brewer Grupo Modelo has posted a healthy rise in third-quarter sales and profits.
The Corona brewer said late last week that net profit for the three months to 30 September was up to MXN2.3bn (US$212m) from MXN1.96bn last year.
Sales rose 9.5% year-on-year, coming in at MXN14.3bn, while export revenues leapt by 18.4% to $407m.
In volume terms, sales were up 7.6% to 12.5m hectolitres. Domestically, sales inched up by 4%, with exports climbing by 15.3%.
The brewer credited the profit gains to higher sales volumes and cost efficiencies. Earlier this month, company CEO Carlos Fernandez reiterated Modelo's forecast for domestic sales volumes to increase between 3.5% and 4% for the full year, with export growth of over 10%.
Modelo is half-owned by Anheuser-Busch.
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