MEXICO CITY, Oct 22 (Reuters) - Mexican brewer Grupo Modelo said on Friday its third-quarter net profit fell 15.3 percent due to higher costs and taxes.
Grupo Modelo GMODELOC.MX earned 2.496 billion pesos ($198 million) in the July to September period compared with 2.948 billion pesos in the same quarter of 2009, the company said in a statement.
Costs rose due to greater use of nonreturnable bottles, higher marketing expenses and a 33-percent rise in taxes compared with a year before, the company said.
Quarterly revenue rose 5 percent to 23.23 billion pesos, supported by a 6.2 percent rise in export sales.
Modelo, maker of Corona beer, is half-owned by Anheuser-Busch InBev NV ABI.BR, the world's biggest brewer.
Third quarter earnings before interest, taxes, depreciation and amortization (EBITDA) rose 2.4 percent to 7.062 billion pesos. ($1 = 12.625 at end-Sept) (Reporting by Michael O’Boyle, editing by Gerald E. McCormick)
Our Standards: The Thomson Reuters Trust Principles.