UPDATE 1-Mexico’s Modelo net falls 15 pct on costs, taxes

MEXICO CITY, Oct 22 (BestGrowthStock) – Mexican brewer Grupo Modelo
said on Friday its third-quarter net profit fell 15.3 percent
due to higher costs and taxes.

Grupo Modelo (GMODELOC.MX: ) earned 2.496 billion pesos ($198
million) in the July to September period compared with 2.948
billion pesos in the same quarter of 2009, the company said in
a statement.

Costs rose due to greater use of nonreturnable bottles,
higher marketing expenses and a 33-percent rise in taxes
compared with a year before, the company said.

Quarterly revenue rose 5 percent to 23.23 billion pesos,
supported by a 6.2 percent rise in export sales.

Modelo, maker of Corona beer, is half-owned by
Anheuser-Busch InBev NV (ABI.BR: ), the world’s biggest brewer.

Third quarter earnings before interest, taxes, depreciation
and amortization (EBITDA) rose 2.4 percent to 7.062 billion
pesos.
($1 = 12.625 at end-Sept)
(Reporting by Michael O’Boyle, editing by Gerald E.
McCormick)

UPDATE 1-Mexico’s Modelo net falls 15 pct on costs, taxes