AUSTRALIA: CCA on course to hit full-year targets
Coca-Cola Amatil believes it is on course to meet its full-year earnings guidance.
The company's managing director, Terry Davis, said today that a strong performance in Q1 meant that CCA should achieve net profit growth of between 10% and 15% for the year.
At the company's AGM, Davis told shareholders: "CCA reported its third consecutive year of double-digit earnings growth and 2004 has started ahead of our expectations."
CCA is looking to expand its bottled water production capacity by 50% by the end of the year, and plans to boost its share in the Australian fruit juice market, either through acquisitions or a new brand. Davis said that the company had increased its share of the bottled water market in Australia from 15% to almost 35% in 2003.
Last month, the company said that it would maintain its focus on increasing the return on capital employed through further product innovation, customer development and technology innovation in 2004. CCA also expects to further benefit from the appreciation of regional currencies on the approximate US$120m of annual US Dollar-denominated cost of goods sold in Australia, New Zealand and Indonesia.
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