The Mexican distiller part-owned by Anheuser-Busch, Grupo Modelo, has seen third quarter net profit rise 8.2% to 1.134 billion pesos (US$102m), thanks to a rise in exports.

Revenues rose 2.6% to 9.829 billion pesos and earnings before interest, taxes, depreciation and amortization (EBITDA) in the third quarter totalled 3.040 billion, up 4.3%.

Domestic sales volumes were up 2.9% but this growth was overshadowed by a rise in exports of 8.2%, driven in particular by sales to the US.

"Export growth is a reflection of volumes sold to the final customer in the United States, a situation which is helped by the degree of acceptance of our beer brands in that country, especially Modelo Especial and Corona Light, which saw growth of almost 20%," Modelo said in a statement.

"In Mexico, our 2002 prices remain in place, a factor which has driven volumes and despite the difficult weather in the quarter in central and south Mexico," it continued.

Sales revenues rose close to 3% to 9.83 billion peso, backed by a 12.5% rise in export sales, which amounted to 2.68 billion peso on the back of the 4.1% depreciation of the Mexican peso.

Anheuser-Busch owns 50% of Modelo.