Subscribe to J'adore MilkNews FeedSubscribe to J'adore MilkComments

- Mobular is the financial industry's leadingprovider of shareholder communications technology and services

Posted by admin  
Filed under Magazine

Leave a comment

- Mobular is the financial industry's leadingprovider of shareholder communications technology and services. To learn moreabout Mobular, visit the website at Mobular Technologies logo is available at http:// Technologies, Inc.Allen Dillard , Chief Executive Officer256-882-9011 x120Scott McFarland, President256-882-9011 x115. * Brewer's net profit drops nearly 40 pct due weak peso Stocks  |  Global Markets  |  Mexico * Revenue rises 20 percent (Adds quote, details throughout) MEXICO CITY, April 30 (Reuters) - Mexican brewer andbottler FEMSA on Thursday posted a nearly 40 percent decline infirst-quarter net profit, as foreign exchange losses offsetstronger revenue. FEMSA (FMX.N) (FMSAUBD.MX), Latin America's largestbottler, said its January-March net profit was 783 millionpesos ($55.1 million) down from 1.292 billion pesos in the sameperiod last year.

"The pressures of the wider economic situation related tothe cost of raw materials and the exchange rate continue toaffect our results," Chief Executive Jose Antonio Fernandezsaid in a statement. The global economic slowdown hammered regional currenciesduring the first quarter and the Mexican peso plunged to a16-year low. Femsa, which produces the Tecate, Sol and Dos Equis beers,reported a foreign exchange loss of 430 million pesos duringthe first quarter compared with a gain of 111 million pesos inthe first three months of 2008. Revenue rose 20.1 percent to 43.445 billion pesos and coreearnings before interest, taxes, depreciation and amortizationrose 19.4 percent to 7.327 billion pesos. Beer volume sales slipped 3 percent in Mexico but exportsrose 2.2 percent compared to the January to March period lastyear. Its retail unit opened 168 new Oxxo stores in the quarter,taking its total in Mexico to 6,542 at the end of March.

The company's Oxxo chain, which sells Femsa's beers,Coca-Cola Co. (KO.N) soft drinks and snacks, is the largestcorner store group in Latin America It also controls the Cokebottler affiliate Coca-Cola Femsa. ($1 = 14.21 pesos as of end March) (Reporting by Michael O'Boyle and Helen Popper, editing byBrian Moss, Dave Zimmerman) Stocks Global Markets Mexico. .

Comments

Comments are closed.