Mexican brewer Grupo Modelo has reported a 6% rise in fourth-quarter profits thanks to rising sales at home and abroad.

Modelo, producer of Corona beer, said yesterday (26 February) that operating profit for the three months to 31 December reached MXN3.4bn (US$306m). Sales rose almost 10% to MXN13.9bn. Domestic sales rose 4.4% while exports soared by almost 22%.

US brewing giant Anheuser-Busch owns a 50% stake in Modelo, which also produces brands including Modelo Especial and Negra Modelo.

Crown Imports, a venture between Modelo and Constellation Brands distribute its brands in the US, the Mexican brewer's largest export market.