Modelo, the Mexican brewer half owned by Anheuser-Busch, has reported a 6.6% increase in net profit for the quarter, ahead of market expectations.

Net profit reached 1.110 billion pesos (US$100m), up from 1.041 billion pesos a year earlier.

The largest brewer in Mexico said it had been helped by cost cutting and higher beer prices, which made up for weaker sales volumes - revenues reached 9.185 billion pesos, as sales volumes fell both at home and abroad, following price rises in Mexico and the US.
"Sales costs dropped 1.2 percent from greater production efficiencies," the Mexico City-based brewer said in a statement.