Profit at Mexican conglomerate Femsa plunges on forex woes
 

Profit at Mexican conglomerate Femsa plunges on forex woes
(Adds details)

Mexico City, April 26 (Reuters) - Mexican bottler and retailer Fomento Economico Mexicano said on Thursday that first-quarter net profit plunged, hurt by an increase in the value of the Mexican peso versus the U.S. dollar.

The company also known as Femsa, which includes bottling and retail units, said first-quarter net profit tumbled to 2.02 million pesos ($110,692), from 3.29 billion pesos in the same quarter of 2017.

Revenue from January to March totaled 115.34 billion pesos, up 4 percent from the first quarter last year.

In a statement Chief Executive Officer Eduardo Padilla cheered signs of inflation falling, adding that the results were slightly better than expected.

Nonetheless, he said, "the second quarter will be tougher based on the calendar shift, and we continue to expect choppy waters ahead." ($1 = 18.303 pesos per dollar at end of first quarter) (Reporting by Noe Torres and Gabriel Stargardter in Mexico City and Siddharth Cavale in Bengaluru Editing by Saumyadeb Chakrabarty and Jeffrey Benkoe)

First Published: 2018-04-26 14:42:12
Updated 2018-04-26 15:16:43



© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.
Most read today
Most read yesterday
 
 
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.
© 2018 SHARENET (PTY) Ltd, Cape Town, South Africa