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Mexico’s Modelo Q4 profit falls as peso gains

Mexican brewer Grupo Modelo (GMODELOC.MX) said fourth-quarter profit fell slightly, as the peso strengthened against the dollar, hurting the company's foreign-currency investments.
Modelo, maker of Corona beer, reported a quarterly profit of 2.4 billion pesos ($197 million), compared with 2.5 billion pesos in the year-earlier quarter.
Modelo, half-owned by the world's biggest brewer Anheuser-Busch InBev SA (ABI.BR), said revenue rose 3.2 percent to 21 billion pesos.
Fourth-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) rose 2.9 percent to 5.6 billion pesos. ($1 = 12.31 pesos at end-Dec) (Reporting by Elinor Comlay, editing by Gerald E. McCormick)

18 Feb. 2011

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