Mexico's largest brewer Grupo Modelo has posted net profit of MXN1.89bn (US$176m) for the third quarter, up 24% from the third quarter of last year.

Operating profit rose less sharply from MXN3.42bn to MXN3.35bn. Modelo said higher sales volumes both in Mexico and in export markets had been the main factor behind the improved third-quarter net profit performance.

Turnover at Modelo, which is 50%-owned by the US brewer Anheuser-Busch, rose by 6.8% for the quarter to MXN12.52bn. Exports were up by 7% while domestic turnover rose by 4.9%.

Total beer shipments increased by 5.9% to 11.6m hectolitres, but adverse weather conditions pegged back domestic volume growth to 2.1%. Export volumes grew by 15%, the company said.