Cuervo parent company sees Q3 profit boost amid hikes prices, strong sales
2022.10.27 18:09
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© Reuters. FILE PHOTO: Bottles of Jose Cuervo Tequila rest on a shelf in Mexico City, Mexico, February 8, 2017. REUTERS/Edgard Garrido
MEXICO CITY (Reuters) -Mexican distiller Becle, better known as the parent company of tequila brand Jose Cuervo, posted a 29.6% jump in third-quarter net profit Thursday, as it hiked prices and boosted sales of its premium tequila.
Becle’s net profit rose to 1.71 billion pesos ($85.2 million).
Revenue for the company, which also manages alcohol brands like Stranahan’s whiskey and Kraken rum, climbed 20% from the year-ago period to 11.53 billion pesos, supported by strong sales, mainly outside Canada, Mexico and the United States.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), an indicator of core earnings, rose 33% to 2.8 billion pesos.
“We were able to deliver strong results even as the quarter continues to be impacted by supply chain disruptions and inflationary cost pressures across the sector,” the firm said in a statement.
($1 = 20.1271 pesos by end-September)
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