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UPDATE 1-Mexico's Coca-Cola Femsa profit boosted by Central America sales
February 24, 2017 / 2:06 PM / 7 months ago

UPDATE 1-Mexico's Coca-Cola Femsa profit boosted by Central America sales

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Feb 24 (Reuters) - Coca-Cola Femsa SAB de CV, the largest Coke bottler in the world, reported a jump in quarterly profit on Friday, helped by higher volume sales in Costa Rica, Nicaragua and the Philippines.

The company’s net income attributable to equity holders rose to 3.51 billion Mexican pesos ($178.18 million) in the fourth quarter ended Dec. 31, from 2.69 billion Mexican pesos, a year earlier.

The company, a joint venture between Coca-Cola Co and Mexican bottler and retailer Fomento Economico Mexicano (Femsa), said it earned 1.69 Mexican pesos per share, up from 1.30 Mexican pesos per share, a year earlier.

Total revenue rose to 49.53 billion Mexican pesos from 44.30 billion Mexican pesos.

Coca-Cola Femsa said its performance in Central America was driven by Costa Rica and Nicaragua’s highest volume sales growth in the past 10 years. In Mexico, the company said, volume sales rose for sparkling and still beverages.

“Our South America division faced the most difficult macroeconomic and consumer environments of our territories,” the company added.

Coca-Cola, the world’s largest beverage maker, said this month that global fourth-quarter volume sales fell 1 percent, hurt by high levels of inflation in certain Latin American countries.

The Atlanta-based company has been offloading much of its low-margin bottling business to cope with falling demand for carbonated beverages in North America.

$1 = 19.6997 Mexican pesos Reporting by Richa Naidu in Bengaluru; Editing by Shounak Dasgupta

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