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UPDATE 1-Mexico's FEMSA sees Q2 net profit soar 69% amid strong growth

UPDATE 1-Mexico's FEMSA sees Q2 net profit soar 69% amid strong growth

Reuters · 07/28/2022 09:00
UPDATE 1-Mexico's FEMSA sees Q2 profit soar 69% amid strong growth

Adds details from reports

- Mexican bottler and retailer Femsa FMSAUBD.MX posted a 69.1% gain in second-quarter profit Thursday, hitting 5.2 billion pesos ($259 million), driven largely by a drop in interest expenses and foreign exchange gains.

Revenue for the company, which controls the world's top Coca-Cola producer by volume, reached 167.5 billion pesos ($8.24 billion) in the second quarter, marking a 22.2% increase year-over-year, driven by growth in all of its business units.

The company's subsidiary, Coca-Cola FEMSA, reported a 20% increase in quarterly revenue earlier this week, attributing the gains in its earnings release to solid sales growth, a favorable pricing mix and a strengthened Brazilian real.

Earlier this month, Femsa announced a $1.15 billion cash takeover bid for Swiss kiosk operator Valora MKRMF in an effort to expand into the European market.


($1 = 20.1335 pesos at end-June)



($1 = 20.3320 Mexican pesos)


(Reporting by Valentine Hilaire and Noe Torres; Writing by Kylie Madry; Editing by Andrea Ricci)

((Valentine.Hilaire@thomsonreuters.com;))