MEXICO: Femsa revenues up as economy improves
Coca-Cola FEMSA has seen its total revenues grow 10.7% to MXN12,715m (US$1,194m) in the second quarter of this year.
Consolidated majority net income, however, fell by 28.1% to MXN1,284m, driven by a one-time effect that increased net income in 2004. Earnings per share reached MXN0.70 for the period.
Femsa said that, excluding the effect of this non-recurring item, majority net income would have grown by 129.7%.
Carlos Salazar, chief executive officer of the company, said: "Our second-quarter results reflect our territories' improved macro-economic landscape, coupled with our company's ongoing commercial strategies and structural initiatives. On the macro-economic front, our performance benefited from our markets' continued economic recovery, positive seasonal factors and weather conditions, a relatively stable pricing environment, and currency appreciation against the US dollar.
"On the operations front, we were well-positioned to make the most of a more favorable macro environment. Our comprehensive packaging portfolio and multi-segmentation strategy helped drive top-line growth in the majority of our territories, while our more efficient operating structure bolstered our bottom line company-wide," he said.
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