MEXICO: Forex hits Coke FEMSA earnings
The weak Mexican dollar has hammered first-half profits at Coca-Cola FEMSA.
The company, the world's second-largest Coke bottler, saw net income slump over 21% to MXN1.6bn (US$x) for the first six months of the year.
Coke FEMSA, the largest Coke bottler in Latin America, said the fall in profits was "mainly due to the foreign exchange loss resulting from the depreciation of the Mexican peso against the US dollar".
Mexico's peso lost over 3% against the dollar during the second quarter, resulting in foreign exchange losses for Coke FEMSA, which produces Coke in nine Latin American countries, including Brazil and Argentina.
Nevertheless, revenues rose 5.8% during the first half of the year, while operating income rose 3.3% to MXN4.3bn.
"The strong top-line momentum of all of our operations offset higher raw-materials costs in the majority of our territories and the year-over-year depreciation of the peso in Mexico," said Carlos Salazar, Coke FEMSA CEO.
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