MEXICO: Grupo Modelo sales, profits up in Q3
Grupo Modelo, the Mexico-based brewer, has survived a slip in beer export volumes to report solid rises in net sales and earnings for the third quarter of 2009.
Net sales for the three months to the end of September rose by 11% to MXN22.1bn (US$1.68bn), compared to the same period of last year, Modelo said yesterday (28 October).
Net profits for the three months rose by 13% to MXN2.95bn, with operating profits up 27% at nearly MXN6.1bn.
Domestic beer sales led the rise, growing by 13% in the quarter due to 7% volume sales growth and a 6% rise in revenue per hectolitre.
Export sales, which include Modelo's Crown Imports joint venture with Constellation Brands in the US, grew by 8%, largely due to the depreciation of the Mexican peso currency against US$.
Export volume sales shrank 4% to 4.3m hectolitres for the quarter "as a result of the economic crisis which has affected consumption in the different export markets", said the brewer.
But, it added: "It is important to highlight that the year over year change in volume in the last two quarters has showed a slight recovery sequentially due to an improved performance registered in certain regions such as Europe and Latin America."
For the first nine months of 2009, total Modelo sales rose by 9% to MXN61.5bn upon a volume sales increase of 1%, at 39.6m hectolitres.
For the full announcement, click here.
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