Mexico's Grupo Modelo posts higher quarterly profit

April 19 Fri Apr 19, 2013 9:23am EDT

April 19 (Reuters) - Mexican brewer Grupo Modelo said on Friday its first-quarter profit rose 9 percent, helped by a slight pickup in revenue and lower currency losses, as the peso strengthened in the quarter.

Corona-maker Modelo said quarterly profit rose to 2.465 billion pesos ($200 million) from 2.259 billion pesos a year earlier. Revenue rose 3 percent to 21.98 billion pesos.

Anheuser Busch InBev SA, the world's largest brewer, is seeking to buy the 50 percent of Modelo that it does not already own for $20.1 billion.

The U.S. government filed a lawsuit in January to stop that deal, on concern that it could lead to higher beer prices in the United States.

Earlier this month, however, the judge overseeing the fight approved a stay in court proceedings to give the two sides more time to reach an agreement.