Mexican group Fomento Economico Mexicano (FEMSA) has raised its 2007 investment figure from US$890m to MXN11.26bn ($1.045bn).

Femsa said today (29 June), in an annual report sent to the US Securities and Exchange Commission, that it would invest the money in opening new stores and expanding its production capacity.

In April, the Mexican company, which operates as a brewer and a Coca-Cola bottler in Latin America, said first quarter consolidated total revenues for the quarter were up by 8.7% year-on-year, to MXN31.57bn (US$2.89bn) with all operating units contributing to the rise. Net profit for the quarter, however, was down by 12% at MXN1.05bn. The slip was blamed on higher prices for aluminum and increased marketing costs in Brazil.