MEXICO CITY (Reuters) -Mexican distiller Becle, better known as the parent company of the popular Jose Cuervo tequila brand, posted a 58.6% jump in second-quarter net profit on increased demand for the spirit across all regions except the United States and Canada, the company said Thursday.
Becle’s net profit rose to 1.40 billion Mexican pesos ($69.5 million).
Revenue for the company, whose portfolio also includes well-known alcoholic beverage brands such as Maestro Dobel, Hangar 1 and Kraken, climbed 18.9% from a year earlier to 11.33 billion pesos as prices increased throughout the distiller’s portfolio.
“We continue to anticipate favorable trends across our portfolio and geographical regions as a result of the on-premise rebounds, off-premise resilience and our ongoing premiumization efforts,” its management said in a statement.
Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter rose 43.7% to 2.34 billion pesos. Becle executives said last quarter they expected to see more supply chain problems throughout the year.
($1 = 20.1353 pesos at end-June)
(Reporting by Kylie Madry; Editing by Christian Plumb)
