MEXICO: Grupo Modelo posts Q2 income increase
Grupo Modelo has posted a healthy rise in Q2 net profit. The Mexican brewer said yesterday (28 July) that profit for the three-month period to 30 June increased by 29% year-on-year, hitting MXN2.41bn (US$227m) from MXN1.87 in the corresponding period a year earlier.
Sales in the period were up by 3.5% to MXN13.34bn, while operating profit slipped to MXN4.04bn from MXN4.12bn a year earlier.
The brewer's volume sales rose 4.8% in the three-month period, to 12.5m hectolitres, while domestic sales were up by 6.4% and exports gained 1.5%. The Mexican market accounted for 68% of the company's volume sales.
Grupo Modelo is Mexico's largest brewer and makes the import beer brand, Corona. Anheuser-Busch Cos.controls 50% of the company.
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