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Mexico's Coca-Cola Femsa says first quarter net profit up 146 percent
April 26, 2017 / 1:16 PM / 8 months ago

Mexico's Coca-Cola Femsa says first quarter net profit up 146 percent

MEXICO CITY (Reuters) - Mexico’s Coca-Cola Femsa (KOFL.MX), the world’s largest Coke bottler, said on Wednesday its first-quarter net profit rose nearly 146 percent, boosted by strong sales in Brazil and the Philippines.

The headquarters of Coca Cola Femsa, the largest Coke bottler in the world, is seen in Monterrey, Mexico, April 25, 2017. REUTERS/Daniel Becerril

The company said in a statement that its net income was 5.887 billion pesos ($314 million) compared to 2.398 billion pesos in the same quarter last year.

    The quarterly result was above expectations for a net profit of 2.478 billion pesos, according to Thomson Reuters I/B/E/S.

    Sales rose more than 38 percent to 51.357 billion pesos from 37.097 billion, the company said, noting it gained from favorable exchange rates in the Brazilian real and Colombian peso versus the Mexican currency.

    The first quarter included for the first time sales from the Vonpar unit in Brazil as well as operations in the Philippines as of February.

    Reporting by Michael O'Boyle; Editing by Paul Simao

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