Coca-Cola FEMSAs profits slid 0.4% in the third quarter

Coca-Cola FEMSA's profits slid 0.4% in the third quarter

Coca-Cola FEMSA is looking to maintain efforts to grow its business through acquisitions despite recording a slight drop in third-quarter profits.

For the three months to the end of September, net controlling interest profits slid by 0.4% to MXN2.13bn (US$172m), the firm reported today (21 October). Operating profits however, climbed by 7.3% to reach MXN4.25bn, driven by double-digit operating profit growth in the firm's Mercosur division.

Consolidated sales fell by 1.3% to MXN25.67bn as a result of the devaluation of the Venezuelan bolivar. Total sales volumes inched up by 0.1% to 616.4m unit cases.

"Our increased profitability for the quarter highlights the benefits of our balanced, geographically diversified portfolio of franchise territories," said company CEO Carlos Salazar Lomelin. "As we continue to analyse the opportunities in the beverage industry, we will maintain our disciplined and efficient efforts to grow our business both organically and through acquisitions that create value for our shareholders."

In the first nine months of the year, consolidated net controlling interest profits increased by 19% to MXN6.76bn, while consolidated operating profits rose by 8.8% to MXN11.95bn.

Total sales climbed by 2.4% to MXN75.10bn in the same period.

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