04 May, 2007

Mexico: Modelo’s 1st quarter net profit up 21%

Mexican brewer Modelo, maker of the popular beer Corona, posted a 21 percent rise in first-quarter net profit after domestic sales rose smartly, Reuters reported May 2.

Modelo said on Wednesday its January-March net was 2.396 billion pesos ($217 million), up from 1.978 billion pesos a year earlier.

Revenue rose 24 percent to 16.125 billion pesos, as domestic sales volumes rose 4.5 percent in the quarter from a year ago.

Export volumes, mainly to the United States, fell 3.9 percent in the first quarter. Modelo said the decline was due to buyers building up inventories in the fourth quarter.

Shares of Modelo, half owned by U.S. brewer Anheuser Busch Cos Inc. (BUD.N: Quote, Profile , Research), ended Wednesday up 3.23 percent at 57.78 pesos, close to 12 month highs.

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