UPDATE 1-Mexican brewer Modelo's net up 32.5 pct

* Net profit jumps 32.5 pct

* No change in arbitration case vs Anheuser-Busch

* Revenue rises 21 pct on volume, price mix (Adds revenue, arbitration, EBITDA details)

MEXICO CITY, Oct 28 (Reuters) - Mexican brewer Grupo Modelo posted on Wednesday a 32.5 percent rise in third-quarter net profit and said there was no change in its arbitration process against partner Anheuser-Busch.

Modelo (GMODELOC.MX) earned 2.948 billion pesos ($218 million) in the July-to-September period compared with 2.225 billion pesos in the same quarter of 2008.

Quarterly revenue rose 11 percent as local sales increased on a combination of higher volumes and a price rise. Its exports benefited from the depreciation of the peso against the dollar during the quarter.

Modelo, maker of Corona beer, gave no new information about the arbitration case it started a year ago against Budweiser maker Anheuser-Busch in connection with the U.S. company's acquisition by Inbev NV, which created the world's largest beer company.

The Mexican company wants $2.5 billion in the arbitration case, the now Anheuser-Busch InBev (ABI.BR) said in August.

Quarterly earnings before interest, tax, depreciation and amortization (EBITDA) rose nearly 19 percent to 6.896 billion pesos in the July-to-September period. ($1 = 13.5035 pesos as of end Sept) (Reporting by Cyntia Barrera Diaz, editing by Maureen Bavdek)