Mexican brewer Modelo net profit down 14 pct

MEXICO CITY, April 21 (Reuters) - Mexico's No. 1 brewer Modelo (GMODELOC.MX), maker of Corona beer, posted on Tuesday a 14 percent decline in first-quarter net profit, partially hurt by costs from restructuring a business unit.

The company earned 1.78 billion pesos ($125 million) in the January-March period compared with 2.071 billion pesos in the same quarter of 2008, according to a filing to the Mexican stock exchange. ($1 = 14.21 pesos at end-March) (Reporting by Cyntia Barrera Diaz; editing by Carol Bishopric)