Profit at Mexican conglomerate Femsa plunges on forex woes

Profit at Mexican conglomerate Femsa plunges on forex woes
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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

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