MEXICO: Modelo Q1 profits down, home beer sales rise
Modelo, the Mexico-based brewer, has reported a 14% drop in net profits for the first quarter of 2009, due to higher raw materials costs and tax charges.
Net profits for the three months to the end of March fell to MXN1.78bn (US$135m), compared just over MXN2bn for the same period in 2008, Modelo said yesterday (21 April).
The fall was largely due to higher raw materials costs and an 11% increase in tax charges, largely accounted for by the firm's foreign subsidiaries, Modelo said.
Sales rose by 4% for the period to MXN16.96bn, with higher beer prices lifting the Corona brewer's performance at home and abroad. Domestic beer volumes rose by 1.3% for the period, although export volumes fell by 6.5% as the global econmomic downturn hit consumption in several markets, Modelo said.
We can all breathe out again now. The economic downturn is over. What do we have as proof? Why, it's a reawakening of the mergers & acquisitions game....
Crown Imports has rolled-out 24oz can packages for its Corona Extra and Corona Light beers in the US....
Fomento Economico Mexicano has confirmed that it is in discussions to "explore opportunities" involving its beer business....
Constellation Brands has said that its global cost savings programme is ahead of expectations and that new distributor contracts in the US will improve sales at its North American wine division....
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