Mexico's Coke Femsa says quarterly profit fell 5 percent

Reuters

(Adds revenue, background)

MEXICO CITY, April 30 (Reuters) - Mexican Coke bottler Coca-Cola Femsa on Wednesday said its first-quarter profit fell 5 percent after it paid more on debt from recent acquisitions in Brazil, but revenue increased.

The company reported a profit of 2.310 billion pesos ($177 million), down from 2.434 billion pesos a year earlier.

Financing expenses jumped to 1.2 billion pesos in the first quarter from 248 million pesos because of increased debt and higher interest rates, Coke Femsa said.

The company acquired Brazilian bottlers Spaipa and Fluminense last year.

Revenue rose 15 percent to 38.708 billion pesos, helped by a 12 percent jump in sales volume that was driven by bottled water and still beverage sales.

Growth in those categories offset a slump in sales of fizzy drinks in Mexico, where the government last year approved junk-food and sugary drinks taxes that have dampened Coke Femsa's sales.

($1 = 13.06 pesos at end March) (Reporting by Elinor Comlay; Editing by Lisa Von Ahn)

View Comments (0)