Mexican brewer Modelo posts lower fourth-quater profit
MEXICO CITY (Reuters) - Mexican brewer Grupo Modelo (GMODELOC.MX), which is seeking to sell itself to beer company Anheuser-Busch InBev (ABI.BR), on Monday said its fourth-quarter profit fell 2 percent despite an increase in revenue as it paid more in taxes in the October-to-December period.
AB InBev, which agreed last year to buy the half of Modelo it does not already own, is working with Modelo to try to address U.S. regulators' concerns over the deal after the U.S. Department of Justice earlier this month sued to block the sale.
The maker of Corona and Negra Modelo beers did not make any additional comments about the progress of the deal in its earnings statement. The company also said it would not hold a conference call with analysts this quarter.
Modelo reported a profit of 3.47 billion pesos ($270 million), compared with 3.54 billion pesos in the fourth-quarter a year earlier.
Quarterly revenue rose 4 percent to 24.17 billion pesos from 23.23 billion pesos a year earlier, helped by an increase in volumes sold in Mexico and abroad.
Sales volumes in Mexico increased 2.1 percent from the 2011 fourth quarter, while the volume of beer Modelo sold abroad increased 3.8 percent to make up 28 percent of the total volume of beer sold in the fourth quarter of 2012.
Modelo's shares were up 0.24 percent at 112.20 pesos in morning trading.
($1 = 12.8704 at end December)
(Reporting by Elinor Comlay; Editing by Chizu Nomiyama and Maureen Bavdek)
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