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Currency woes hamper Coca-Cola FEMSA's Q3

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  • Sales in first nine months of 2015 drop 11% to MXN109.5bn (US$6.6bn)
  • Operating profits for year-to-date down 4.9% to MXN15.7bn
  • Q3 sales fall 10% to MXN37.66bn
  • Q3 volumes inch up 1.1% to 864.8 million cases
     

Currency headwinds have hampered Coca-Cola FEMSA’s third quarter and year-to-date performance. 

Coca-Cola FEMSA faces currency headwinds

Coca-Cola FEMSA faces currency headwinds

The Mexico-based firm, Latin America's biggest Coca-Cola bottler, said sales in the nine-months to the end of the September dropped by 11% to MXN109.5bn (US$6.6bn), compared to the same period last year. Operating profits in the period fell almost 5% to MXN15.7bn.

The company said its performance in the third quarter was a reflection of negative currency translation effects from its Venezuelan operation as well as the devaluation of the Brazilian real and the Colombian peso. 

On a currency neutral basis and excluding Venezuela, total sales and profit from operations grew 10.2% and 16.4%, respectively, Coca-Cola FEMSA said.

Carlos Salazar Lomelín, FEMSA’s CEO, said: “At Coca-Cola FEMSA we are still facing difficult environments in several of our key markets, but we continue to work on the variables that we can control such as pricing and packaging and we are seeing positive results, especially in terms of market shares and profitability gains. Margin expansion in particular was remarkable in light of the foreign exchange and operational challenges we are facing in most of our markets, and we have no doubt that we will eventually emerge from this difficult macroeconomic period stronger and leaner than before.”

To read the company's official statement, click here


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