MEXICO CITY, Oct 23 (Reuters) - Mexico's Becle

, the world's largest tequila producer, more than

quadrupled its net profit in the third quarter, it said on

Wednesday, boosted by favorable foreign exchange-rate dynamics.

Net profit reached 896.11 million pesos ($45.51

million), while revenues ticked up nearly 4% from a year earlier

to total 10.95 billion pesos.

The Mexican peso was 13% weaker versus the U.S. dollar at

the end of September 2024 compared to a year earlier, when the

peso's strength diluted foreign revenues for many Mexican firms

including Becle.

"Despite (...) challenges, our sales have improved

thanks to premiumization efforts and favorable exchange-rate

effects, which have boosted profitability and mitigated the

industry slowdown in key markets," Becle executives said in a

filing to Mexico's main stock exchange.

Net sales in the U.S. and Canada - which make up 60% of

Becle's sales - jumped nearly 11% year-over-year, though volumes

slipped some 3%. The lower volume was on the ready-to-drink and

non-alcoholic beverage categories.

In Becle's home market of Mexico - which brings in

around a quarter of sales - both sales and volumes sank some

15%.

Becle has been shifting its products into premium price

ranges, a strategy it says helped it hold and even increase its

share in some markets last year despite slowing demand for

spirits.

The distiller makes the bulk of its income from tequilas

but also produces a range of spirits such as Creyente mezcal,

Stranahan's whiskey, Kraken rum and Boodles gin.

($1 = 19.6921 Mexican pesos at end-September)