The Mexican brewer and soft drinks bottler, Fomento Economico Mexicano (Femsa), posted a net profit of MXN602m for the third quarter, representing a 22% fall from last year and well below analysts' forecasts. The company said it had decided to take a more conservative accounting approach because of the deteriorating economic conditions in Argentina.

Operating income rose by 13% to MXN2.586 billion which was in line with market forecasts. But a previous Reuters poll of analysts had pointed to a net profit figure for the quarter of MXN1.076 billion.

Sales revenues at Femsa, which produces the Tecate, Sol and Dos Equis beer brands and also has a 51% stake in Coca-Cola Femsa, Mexico's largest Coke bottler, rose by 5.5% to MXN13.447 billion which was also below analysts' forecasts.