MEXICO CITY, Oct 26 (Reuters) - Mexican distiller Becle (CUERVO.MX), the world's largest tequila producer, lost $1.54 billion in market capitalization from a share selloff on Thursday after a stronger peso battered profits.
Mexican firms' foreign income was devalued by gains in the peso, which strengthened 14% to the dollar over the year ending Sept. 30.
Becle said it would continue shifting into the premium-priced liquor market and planned capital spending in the lower range of $200 million to $225 million this year.
When stripping out the effects of foreign exchange, annual sales should still grow by a high-single digit percentage, Becle said.
($1 = 18.1430 Mexican pesos)Reporting by Sarah Morland; Editing by Kylie Madry and Rod NickelOur Standards: The Thomson Reuters Trust Principles.
Persons:
Becle, Jose Cuervo, Gordon Dron, Morgan, Sarah Morland, Kylie Madry, Rod Nickel
Organizations:
MEXICO CITY, Itau, J.P, Thomson
Locations:
MEXICO, U.S, Europe, America