February 27, 2018 / 10:12 PM / 6 months ago

Mexico's Femsa sees profits down 70 pct on Venezuela hit

MEXICO CITY, Feb 27 (Reuters) - Mexican bottler and retailer Fomento Economico Mexicano (Femsa) on Tuesday said net profit fell more than 70 percent in the fourth quarter, hit by the revaluation of assets in its Venezuelan Coca-Cola bottling operation.

Net profit in the October to December period was more than 1.83 billion pesos ($93 million), down from nearly 6.7 billion pesos in the same period of 2016. Revenues rose more than 11 percent to 122.5 billion pesos from nearly 110 billion pesos in the last quarter of 2016.

($1=19.6595 pesos)

Reporting by Michael O'Boyle and Sheky Espejo

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