(RTTNews) -  Coca-Cola FEMSA, S.A.B. de C.V. (KOFL,KOF: News ), a company that engages in the production, distribution and marketing of Coca-Cola trade beverages, Tuesday, reported a sharp increase in profit for the third quarter, benefiting from a 31% rise in revenues on higher sales volumes and average per unit price as well as positive foreign exchange rate.

Net controlling income for the third quarter rose 70.4% to Ps. 2.13 billion from Ps. 1.25 billion in the previous year. Earnings per share were Ps. 1.16 or Ps. 11.56 per ADR for the third quarter 2009.

Total revenues for the quarter increased 31.5% to Ps. 26.01 billion from Ps. 19.77 billion last year.

By geography, Mexico division reported revenues of Ps. 9.58 billion, up 12.5% from the previous year due to a 2.6% hike in average price per unit along with a 9.6% higher volumes. Total revenues from Latincentro division rose 70.7% to Ps. 9.84 billion as a result of positive currency translation effect and higher sales volumes.

Total revenues from Mercosur division increased 20.4% to Ps. 6.58 billion from the comparable quarter last year due to a positive currency translation effect and higher average prices per unit along with a volume growth.

Total volume for the quarter rose 7.5% to 615.6 million unit cases from 572.4 million unit cases. Average price per unit case increased 22.8% to Ps. 41.03 from Ps. 33.42 a year ago.
Consolidated operating income increased 24.0% to Ps. 3.96 billion in the third quarter of 2009, mainly driven by double-digit operating income growth in our Latincentro and Mercosur divisions.

Other expenses for the third quarter declined 39.3% to Ps. 341 million from Ps. 562 million in the previous year.

Foreign exchange loss declined 60.6% to Ps. 71 million from Ps. 180 million last year. Fair value loss on derivative instruments declined 63.9% to Ps. 83 million from Ps. 230 million a year ago.

Year-to-date, net controlling income increased 19.6% to Ps. 5.68 billion from Ps. 4.75 billion a year ago. Total revenues rose 30.4% to Ps. 72.96 billion from Ps. 55.94 billion last year.

KOF is currently trading at $53.22, up 0.04 or 0.08%, on the NYSE.

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by RTT Staff Writer

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