UPDATE 1-Mexico's Femsa posts higher third quarter profit, revenues up

martes 28 de octubre de 2014 09:56 GYT
 

(Adds details on lower tax rate, Oxxo sales)

MONTERREY, Mexico Oct 28 (Reuters) - Mexican retailer and Coke bottler Femsa on Tuesday reported a 7.3 percent rise in its third-quarter profit on higher sales and a lower tax rate, the company said in a filing to the Mexican stock exchange.

The company reported a profit of 4.81 billion pesos ($358 million), compared to 4.48 billion pesos in the year-earlier period.

Femsa, which co-owns Latin America's biggest Coke bottler Coca-Cola Femsa with The Coca-Cola Co, said revenue rose 13.2 percent to 72.391 billion pesos.

The company said its effective tax rate for the quarter fell to 19.9 percent from 32.6 percent in the year-earlier period, due mainly to a resolution achieved with Brazilian tax authorities.

Revenue from Oxxo convenience stores, which Femsa operates, rose 12.7 percent during the quarter as the chain opened 191 stores.

Oxxo's same-store sales - that is, sales at stores open at least a year - rose 3.1 percent, the company said.

Femsa also holds a 20 percent stake in the world's No. 3 brewer, Heineken.

($1 = 13.4235 pesos at end Sept)

(Reporting by Gabriela Lopez and David Alire Garcia Editing by W Simon)