FEMSA in Mexico picks up again in the fourth quarter

Adds stock price movement

MEXICO CITY, February 28 (Reuters)Mexican bottler and retailer Femsa reported net profit of 6.7 billion pesos ($328 million) in the fourth quarter on Monday, compared to a net loss of 10.2 billion pesos recorded in the prior year period, boosted by higher operating profit and lower net interest expense.

The company’s quarterly revenue increased 16.3% year-over-year, helped by growth across all of its business units, the company said in a statement.

Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter rose to 23.4 billion pesos, in line with Refinitiv’s estimate of 23.07 billion pesos.

The company’s subsidiary, Coca-Cola FEMSA, reported an 82.8% increase in quarterly net profit last week. The company’s chief executive, John Santa Maria, attributed the rise to increased sales in Latin America in the quarterly earnings report.

Barclay’s said in a mid-January analysis that Femsa was well placed in 2022.

Shares in Femsa FMSAUBD.MX fell more than 2.5%, in line with the drop of more than 1% in the main Mexican stock market index.

($1 = 20.5075 pesos at the end of December)

(Reporting by Noe Torres and Valentine Hilaire; Writing by Kylie Madry; Editing by Drazen Jorgic and Mark Porter)

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