October 26, 2017 / 10:11 PM / a month ago

Mexico's Femsa third-quarter profit jumps 385 percent

MEXICO CITY (Reuters) - Mexican bottler and retailer Fomento Economico Mexicano (Femsa) (FMSAUBD.MX) reported on Thursday a nearly four-fold surge in third-quarter net profit after selling a 5.24 percent stake in Dutch beer company Heineken NV (HEIN.AS).

The Monterrey-based company said net profit jumped 385 percent from a year earlier to 32.4 billion pesos ($1.70 billion). That was boosted in part by a 14.3 percent increase in sales to 114.65 billion pesos.

Femsa said net profit rose “mainly on an extraordinary non- operational gain generated by the 5.24 percent stake sale in Heineken.”

The company in September sold the stake in Heineken for some 2.5 billion euros ($3 billion). The sale reduced Femsa’s holding in Heineken NV to 8.63 percent from 12.53 percent and its stake in Heineken Holding to 12.26 percent from 14.94 percent, the company said.

Femsa controls the world’s biggest Coke bottler, Coca-Cola Femsa (KOFL.MX), and also owns Oxxo convenience stores.

Coca-Cola Femsa reported on Wednesday that its third-quarter net profit surged 39.2 percent from the year-earlier period, as sales increased.

Reporting by Anthony Esposito; Editing by Peter Cooney

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below