Mexico's FEMSA posts 28% profit fall hurt by peso strength

February 25, 2023 12:54 AM AEDT | By Reuters
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MEXICO CITY (Reuters) - Mexico's FEMSA posted a 28% fall in fourth-quarter net profit Friday to 4.82 billion pesos ($247 million) as the dollar-dominated bottler and retailer was hurt by appreciation of the peso.

It posted a 23% rise in revenue to 186.47 billion Mexican pesos, topping the 178.10 billion forecast by analysts, Refinitiv Eikon data showed.

FEMSA said it saw revenue growth in all its business units.

Earnings before interest, tax, depreciation and amortization (EBITDA), or core earnings, rose to 26.56 billion pesos, in line with the 26.48 billion pesos expected by analysts, Refinitiv Eikon data showed.

The company's subsidiary, Coca-Cola FEMSA, reported a 15% jump in quarterly revenue on Thursday on higher volumes in almost all of its markets. Last week, FEMSA announced plans to focus on its core operations, opting to divest its stake in Dutch beer giant Heineken. ($1 = 19.5089 pesos at end-December)

(Reporting by Kylie Madry and Noe Torres; editing by Jane Merriman and Jason Neely)


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