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MEXICO: Tough Q1 drags on FEMSA in H1

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Fomento Económico Mexicano (FEMSA) has posted a lift in second quarter net profits on the back of rising sales.

The Mexican drinks company, which also owns the soft drinks unit Coca-Cola FEMSA, said today (28 July) that net profits in the three months to the end of June increased by 6.7% year-on-year, to MXN3.73bn (US$280.9m). Total sales in the quarter also rose, by 18.8% to MXN48.18bn.

Operating profits were up by 16.1%, coming in at MXN6.79bn.

For the first six months of the year, however, net profits totalled MXN5.17bn, a 6.7% slip on H1 last year. Sales were up, meanwhile, by 18.7% to MXN91.25bn. Operating profits in 2009 so far were up by 17.2% at MXN11.53bn.

"During the second quarter we were able to extend the performance trends set during the first quarter, as some of our international results managed to offset the more complex environment experienced in our Mexico beverage operations," said FEMSA's chairman and CEO, José Antonio Fernández.

" However, our net income for the first semester was still well into negative territory, in spite of the healthier dynamics of our operations outside of Mexico.

"While there are encouraging signs for a mild recovery in the coming months, we remain cautious of the risks that lie ahead as we continue to execute on our strategy."

For the official statement from FEMSA, click here.

An update, with further comments following the company's webcast, is available here.


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