Sales revenues at Panamco fell from $666.2m to $623.4m. The company said it expects to post net income of between $135m and $145m for the full year. It also said it will take a $2m to $3m charge in the third quarter, and expects additional costs of $500,000 in the quarter relating to the re-imposition of the 20% tax on fructose-sweetened soft drinks in Mexico.
LATIN AMERICA: Panamco hit by Venezuelan slump
The US-based Latin American drinks group, Panamerican Beverages Inc. (Panamco), the region's largest soft drinks bottler, posted second-quarter net income of $32.2m, down 20% from $40.2m in the corresponding period last year. The company attributed the fall principally to disappointing results from its Venezuelan operations caused by adverse economic conditions.