26 July, 2006

Mexico: Grupo Femsa to record 19% increase of net profit in 2Q2006

Mexican beer and soft drinks giant Femsa is seen posting a 19 percent increase in second quarter net profit on sterling operating results and lower tax payments, Reuters communicated July 25.

A Reuters survey of analysts predicted, on average, that Femsa April-June net profit of 1.74 billion pesos (US$154 million) up from 1.46 billion pesos a year earlier.

Revenues are seen up 13 percent in the quarter as Femsa expands its Oxxo retail store chain and as sales of its Tecate and Sol beers outstrip sales by local rival Modelo, maker of the Corona brand.

In addition, media released that Femsa has decided to concentrate the soft drinks business and the beer business, with the recent purchase of Kaiser, together under the same group in order to provide the group with a common management and finance platform.

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