Mexico’s FEMSA reports 12.7% drop in Q1 earnings, revenue grows

MEXICO CITY (Reuters) -Mexican bottler and retailer Femsa posted a 12.7% decrease in first-quarter net profit Monday, tallying 3.99 billion pesos ($200 million) as it was hurt by the depreciation of the Mexican peso.

Quarterly revenue for the company rose 18.6% year-over-year to 147.6 billion pesos driven by a growth in all of its business units.

The company’s subsidiary, Coca-Cola FEMSA, reported a 14.6% increase in quarterly revenue last week. The company attributed the gains to volume growth and price initiatives in its earnings report.

Femsa and Coca-Cola Femsa were named some of the most-attractive shares on Mexico’s main stock exchange for 2022 in a March analysts note from Mexico’s Monex.

($1 = 19.8911 pesos at end-March)

(Reporting by Noe Torres and Valentine Hilaire, Writing by Kylie Madry)