MEXICO CITY (Reuters) -Mexican distiller Becle, better known as the parent company of the popular Jose Cuervo tequila brand, posted a 9.4% increase in first-quarter net profit driven by increased sales, particularly in tequila, the company said in a statement on Thursday.
Becle’s net profit rose to 1.35 billion pesos ($67.9 million).
Revenue for the company, whose portfolio includes dozens of well-known alcoholic beverage brands, climbed 26.5% year-on-year to 9.07 billion pesos as demand increased, particularly in the United States and Canada. Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter rose to 2.19 billion pesos. Analysts at Mexico’s CI Casa de Bolsa said in a February report that they had a “moderate” outlook for Becle in 2022, though the distiller had “latent risks and comparative bases that are difficult to overcome, particularly in sales.” Becle executives said last quarter they expected to raise prices throughout the year to deal with supply chain-related pressures. ($1 = 19.8911 pesos by end-March)
(Reporting by Kylie Madry and Noe Torres; Editing by Sandra Maler, Bernard Orr)
