Business

Cuervo parent Becle reports 9.4% increase in Q1 net profit

FILE PHOTO: Bottles of Jose Cuervo Tequila relaxation on a shelf in Mexico Metropolis, Mexico, February 8, 2017. REUTERS/Edgard Garrido

MEXICO CITY (Reuters) -Mexican distiller Becle, higher often called the father or mother firm of the favored Jose Cuervo tequila model, posted a 9.4% enhance in first-quarter web revenue pushed by elevated gross sales, significantly in tequila, the corporate stated in a press release on Thursday.

Becle’s web revenue rose to 1.35 billion pesos ($67.9 million).

Income for the corporate, whose portfolio contains dozens of well-known alcoholic beverage manufacturers, climbed 26.5% from a 12 months earlier to 9.07 billion pesos as demand elevated, significantly in the US and Canada. Earnings earlier than curiosity, tax, depreciation and amortization for the quarter rose to 2.19 billion pesos.

Analysts at Barclay’s stated in a be aware following the report that Becle had posted robust outcomes, with profitability forward of estimates. Nevertheless, they stated, some non-production prices and distribution prices for the corporate had been increased than anticipated.

Becle executives stated final quarter they anticipated to lift costs all year long to take care of pressures associated to produce chains. ($1 = 19.8911 pesos by end-March)

Reporting by Kylie Madry and Noe Torres; Enhancing by Sandra Maler, Bernard Orr and Bradley Perrett

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