Coca-Cola FEMSA S.A.B de CV (KOF), the largest Coca-Cola bottler in Latin America, Wednesday reported a drop in first quarter profit, hurt mainly by currency devaluation losses. Revenue, however, increased from a year ago.
First quarter net income of Coca-Cola FEMSA dropped 18.1% to Ps. 1.33 billion from last year. First quarter earnings per share were Ps. 0.72.
Quarterly result mainly reflects the devaluation of the Mexican peso as applied to U.S. dollar-denominated net debt.
Total revenues for the quarter rose 30.5% to Ps. 22.526 billion in the first quarter of 2009 from the first quarter of 2008.
Revenues reflect acquisition of Refrigerantes Minas Gerais that contributed more than 25% of this growth.
In the sequentially preceding fourth quarter, profit of Coca-Cola FEMSA dropped 69.7% to Ps. 585 million, despite revenues that increased 23.9% to Ps. 22.75 billion from the same quarter a year ago.
Carlos Salazar Lomelin, Chief Executive Officer, said, "Among other factors, we benefited from the consolidation of our REMIL franchise territory in Brazil, the continued successful rollout of the Jugos del Valle line of juice-based beverages in Mexico, Colombia and Central America, and organic growth."
Consolidated operating income grew 17.3% to Ps. 3,305 million, mainly driven by double-digit operating income growth recorded in Mercosur and Latincentro divisions. Operating margin for the quarter was 14.7%.
KOF is currently trading at $38.89, up $2.91 or 8.09%, on the NYSE.
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