Total revenues reached Ps 25,675m in the third quarter of 2010, a decrease of 1.3% compared to the third quarter of 2009 mainly as a result of the devaluation of the Venezuelan bolivar, which was partially compensated by double-digit total revenue growth in the Mercosur division and a low single-digit total revenue growth in our Mexico division. On a currency neutral basis, total revenues grew approximately 13%.
Consolidated operating income grew 7.3% to Ps 4,249m for the third quarter of 2010, driven by double-digit operating income growth recorded in the Mercosur division. Operating margin was 16.5% in the third quarter of 2010.
“Our increased profitability for the quarter highlights the benefits of our balanced, geographically diversified portfolio of franchise territories,” said Coca-Cola Femsa CEO Carlos Salazar Lomelin.
“Despite tough weather conditions in our Mexico and Latincentro divisions, strong performance from our Brazilian franchise, in combination with our pricing initiatives across our territories, drove our local currency top-line growth for the quarter.
“We are pleased to have successfully integrated the ‘Matte Leao’ product line in Brazil, adding a strong brand in the tea category to our portfolio. This not only satisfies our consumers’ preferences, but also reinforces the non-carbonated beverage platform that we operate together with our partner, The Coca-Cola Company, and the rest of the Brazilian Coca-Cola system.
“The financial flexibility we have achieved over the past several years demonstrates our ability to operate our business in challenging environments. As we continue to analyze the opportunities in the beverage industry, we will maintain our disciplined and efficient efforts to grow our business both organically and through acquisitions that create value for our shareholders.”
Source: Coca-Cola FEMSA
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