MEXICO CITY, July 24 (Reuters) - Shares in Mexico's Becle, the world's largest tequila producer, rose 4% on Thursday, after the company reported a sharp profit increase in the second quarter.
The gains added 3.2 billion Mexican pesos ($10.77 million) to company's market capitalization.
The Jose Cuervo maker posted a fourfold rise in second-quarter profit on Wednesday, bolstered by foreign currency exchange gains even as thirst for its spirits dipped in its largest market.
Becle last year made nearly 60% of its net sales in the U.S. and Canada, and a further 25% in its home market of Mexico.
The U.S. has threatened fresh tariffs against Mexico, its top trade partner, from August 1, though Commerce Secretary Howard Lutnick on Sunday signaled that goods covered by the USMCA free trade pact - such as tequila - would remain exempt.
"To date, no significant material regulatory changes have occurred and trade between the U.S. and Mexico remains stable under the current frameworks," Becle's Managing Director for the U.S. and Canada, Mauricio Vergara, said during a conference call with analysts.
Looking ahead the tequila producer "expects near-term volatility to persist in the US and Canada as the industry adjusts to ongoing challenges," he added.
($1 = 18.5733 Mexican pesos)
Reporting by Aida Pelaez-Fernandez; Editing by Brendan O'Boyle
Source: Reuters