MEXICO: World Cup boosts Modelo exports
Mexico's largest brewer Grupo Modelo has posted a leap in first-half profits after seeing beer consumption rise over Easter and during the football World Cup.
Modelo, maker of top US import beer Corona, saw operating profit leap 15.6% to MXN8.4bn (US$765.4m) for the first six months of the year. Net sales hit MXN27.5bn, a rise of 10.7% as volumes rose at home and abroad.
"It was a result of more beer consumption over Easter, during the World Cup, and from the improved economic situation in Mexico," Modelo said.
The brewer, which last month secured a new 10-year import deal for the US, saw export revenues soar almost 18% to US$750m.
Export volumes rose 7.8% during Modelo's second quarter and now represented 32.3% of total volume, the brewer said. "Regions registering outstanding results were Oceania, Europe and Latin America," Modelo added.
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