UPDATE 1-Mexican brewer Modelo net profit falls 14 pct

* Q1 net profit down 14 pct vs yr ago

* Expenses from restructuring, taxes hit bottom line

* Net sales rise 5 pct

* Higher prices on domestic brands (Adds details throughout)

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

The company earned 1.78 billion pesos ($125 million) in the January-March period, compared with 2.07 billion pesos in the same quarter of 2008, according to a filing to the Mexican stock exchange.

Modelo (GMODELOC.MX) said one-time changes totaled 460 million pesos, up nearly 93 percent from a year earlier, due to cost of restructuring its Cerveceria Modelo Mexico unit and payouts to employees.

An 11 percent rise in taxes from converting results of foreign units into pesos also hit the bottom line, the company added.

Quarterly sales came in at 16.97 billion pesos, up 5 percent from the January-March period of 2008.