MEXICO: Grupo Modelo FY profits drop
Grupo Modelo reports mixed 2009
Grupo Modelo, Mexico's largest brewer, has reported a slip in net profits for 2009, despite a rise in sales and a surge in earnings in the fourth quarter of the year.
Net profits for the 12 months to the end of December fell by 4% to MXN8.6bn (US$672.3m), compared to MXN9bn a year earlier, said Grupo Modelo late last week.
The fall came in spite of an 8.6% rise in sales for the year, to MXN81.8bn, with volume sales up 0.4%. Operating profits rose by 13% to MXN21.7bn.
An 8% rise in export sales was driven by currency gains, with a 5% drop in export volume sales over the year. Price per hectolitre on exports fell slightly on 2008.
"It is important to mention that in the US, Modelo Especial continued to have a double digit growth trend [volume], while Corona Light was the only imported light brand that registered growth during the year," said Modelo.
For the fourth quarter, Modelo reported an 18% jump in profits, to MXN2.5bn against MXN2.1bn in the final three months of 2008. Operating income also rose by 18%, to MXN4.6bn.
Net sales rose by 8% to MXN20.3bn, with export volumes down 4% and domestic volume sales flat against the year before.
For the full announcement, click here.
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