E-Malt.com News article: 2260

Mexico: Fomento Economico Mexicano, S.A. de C.V. (FEMSA), the Leader in Latin Beverages, reported on February 26 its operational and financial results for the fourth quarter and full year of 2003. FEMSA total revenues increased 37.0% reaching Ps. 75.891 billion during 2003 with a consolidated operating margin of 16.0%. FEMSA Cerveza's domestic and export beer sales volume increased 5.2% to 5.820 million hectoliters and 2.9% to 419 million hectoliters respectively during 4Q03, in large part due to successful promotions with our Sol brand in Mexico and our Dos Equis and Tecate brands in the U.S.

Jose Antonio Fernandez, Chairman and CEO of FEMSA, commented, "During the fourth quarter and full year 2003, our company continued to strengthen its competitive position in Mexico and Latin America and I am pleased to report a ninth consecutive year of operating income growth. Today we operate in nine Latin American countries, up from two last year, and export to many key markets around the World. The Panamco acquisition confirmed FEMSA as a serious regional contender, but our challenge now is to ensure that the synergies and economies of scale of our new platform deliver lasting results for our employees, consumers, and shareholders."

FEMSA is the leading beverage company in Latin America. It controls an integrated beverage platform that comprises the largest Coca-Cola bottler in the region, Coca-Cola FEMSA; the second largest brewer in Mexico and important beer exporter to the United States, FEMSA Cerveza; and Oxxo, the largest and fastest growing convenience store chain in Mexico with over 2,750 stores.


27 February, 2004