Key facts
- Net profit plunged 85% to 633 million pesos ($35 million).
- Revenues fell 15% to 9.25 billion pesos.
- Volumes fell 9% to 5.7 million nine-liter cases.
Becle, the world's largest tequila producer and owner of Jose Cuervo, reported a significant 85% year-on-year drop in third-quarter net profit to 633 million pesos ($35 million), missing analyst expectations. Revenues declined 15% to 9.25 billion pesos, and volumes fell 9% to 5.7 million nine-liter cases. The company cited weaker demand, a stronger Mexican peso, and a tougher selling environment for the downturn. Volumes for the Jose Cuervo brand itself decreased by 11%.