Mexico's leading brewer, Grupo Modelo, posted an 11.8% drop in fourth-quarter net profit to MXN815m, below market forecasts. However, the company said a fall in domestic sales had been offset by a stronger export performance.

"The contraction in the domestic market is mainly due to economic factors negatively impacting sales in December," the company said. "As a result of a fall in national shipments and an increase in export volumes, total shipments of beer in the quarter grew 2.7%."

Modelo, which produces the Corona brand and is 50%-owned by the US brewer, Anheuser-Busch, said its total net sales in the quarter rose by 5.8% to MXN8.903 billion.