UPDATE 2-Mexico's Modelo net profit more than doubles

* Revenue up 3.6 percent (Adds revenue details)

MEXICO CITY, July 23 (Reuters) - Mexican brewer Grupo Modelo said on Friday its second-quarter net profit more than doubled from a year earlier, when it was hurt by unfavorable derivatives positions.

Grupo Modelo (GMODELOC.MX) earned 2.93 billion pesos ($226 million), compared with 1.36 billion pesos a year earlier.

The company, maker of Corona and Negra Modelo beers, was hurt in the same period last year by peso/dollar derivatives that cost it about $154 million.

Revenue in the latest quarter rose 3.6 percent to 23.21 billion pesos. Domestic sales rose 4.9 percent compared with a year earlier, helped by a price hike announced at the end of 2009. But export sales slipped 1.5 percent on weaker volumes.

Earlier this month, the company loss its arbitration against partner Anheuser-Busch, which owns half of the Mexican brewer.

Modelo claimed $2.5 billion in the dispute, arguing it was not consulted about InBev's $52 billion acquisition of Anheuser-Busch, which created Anheuser-Busch InBev (ABI.BR), the world's top brewer. ($1 = 12.94 pesos at end-June) (Reporting by Cyntia Barrera Diaz; Editing by Derek Caney)