Coca-Cola FEMSA Hit By Depreciation Of Peso

Mexico-based soft drinks firm Coca-Cola FEMSA has reported a 19% decline in net profit for 2008 despite posting a 20% rise in revenues. FEMSA's profits were mainly hit by the devaluation of the Mexican Peso, which increased the cost of servicing US-dollar denominated debt. Up until the fourth quarter the firm had been progressing well dthat year. However, fourth quarter profits were down by 70% year-on-year - a result worse than analysts expectations - and with BMI forecasting that the Mexican currency will remain weak throughout the next year, it is difficult to envisage the firms 2009 results offering an

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