Mexico's Modelo net profit more than doubles

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 some derivative positions.

Grupo Modelo (GMODELOC.MX) earned 2.93 billion pesos ($226 million) in the April-June period compared with 1.36 billion pesos in the same quarter of 2009. ($1 = 12.94 pesos at end-June) (Reporting by Cyntia Barrera Diaz, editing by Gerald E. McCormick)