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.
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
($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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