The Mexican-based Coca-Cola FEMSA said it had seen total revenues in the first quarter of 2005 increased 1.5%, reaching Ps11,230m. Increases in Brazil, Argentina, Colombia and Venezuela more than offset revenue declines in Mexico and Central America, the company said.

On the back of this sales performance, the world's second largest bottler of Coke products said consolidated operating income grew 2.7% to Ps1,689m. Increases in Brazil, Colombia, Argentina and Central America more than compensated for operating income decline in Mexico.

"Our first-quarter results underscore the importance of our geographic diversification to our near- and long-term growth story. With the successful integration of our eight acquired territories, we have consolidated our position in markets that offer sustainable and profitable growth for our shareholders. Our diversification in regions with different seasons and economic cycles enabled us to produce better balanced top- and bottom-line results for the quarter," said Carlos Salazar, chief executive officer of the company.