AUS: Coca-Cola Amatil expects growth going forward
Coca-Cola Amatil Ltd still expects net profit before significant items to grow at double digit levels in 2004. The company, hosting a briefing in regards to its South Korean operations, also said that its Australian and Oceania operations were performing in line with expectations in the first two months of the second half.
"Assuming normal trading conditions in the last quarter of the year, CCA continues to expect second half 2004 net profit (before significant items) to grow at double-digit levels over the prior comparable period," CCA said.
"This will result in CCA achieving a fourth consecutive year of double-digit growth in net profit.
"For the first two months of the second half, CCA's other markets of Australia and Oceania have continued to record good trading results in line with expectations, however, Indonesia has experienced competitor pricing activity in some channels."
The Australian company said its free cash flow before acquisitions and major asset sales was expected to be at least A$200m for the 2004 year. The company added that it is looking to sell surplus land in South Korea over the next six months for about A$50m.
CCA said that it expects earnings before interest and tax (EBIT) for its South Korean operations in the second half to break even.
"Notwithstanding the higher costs associated with the restructuring of the sales force, CCA expects to be able to improve second half 2004 EBIT performance in South Korea by approximately A$8m to A$10m over the second half 2003 loss," CCA said.
"This will result in second half EBIT at around break even levels."
CCA also announced that David Westall would be the managing director in South Korea from 1 November.
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