Modelo Reports Stagnant Volume Growth

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Mexican brewer Grupo Modelo has reported stagnant volumes and profits for the third quarter of 2008. The firm's net profits increased by just 0.3% while operating profits slipped by 3%. Price increases pushed up net revenues by 6.6% to MXN19.9bn (US$1.5bn) but domestic volumes were flat and export volumes increased by only 1.8%. In the first nine months of the year total export volumes are down by 0.2% - a worrying figure for a firm that had previously been relying on the growing popularity of Mexican beer in export markets to drive