01 November, 2006

Mexico: Grupo Modelo posted a 19 % jump in 3Q 2006 net profit

Mexican brewer Grupo Modelo, the maker of popular Corona beer, posted an 18.6 percent jump in third-quarter net profit as it boosted domestic and export sales, Reuters informed October 27.

The company, half-owned by Budweiser brewer Anheuser-Busch Cos. Inc., said its net profit for the quarter reached MXN2.331 billion (US$212 million).

Revenues during the quarter were MXN14.272 billion, up 9.5 percent over the year-ago period, the brewing company said.

"During the third quarter, total beer volume grew 7.6 percent, reaching 12.5 million hl," Modelo said in stock exchange filing.

Shares of Modelo were off 1.4 percent at MXN50.02 in afternoon trade.

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