AUS: Coca-Cola Amatil Q3 in-line
Coca-Cola Amatil has said it is on-track to meet operating profit growth of 7% for its full-year, following a solid third quarter.
New Zealand is expected to deliver a record result for the full-year, following record earnings growth in the first half and continued growth, albeit at a slower rate, in the third quarter, Coca-Cola Amatil (CCA) said today (16 October).
The group said its Australian division has also performed well, increasing volumes strongly in the third quarter, and was in-line to produce high single digit earnings growth in the second half.
CCA's positive trading update follows a similarly upbeat third quarter announcement by parent group The Coca-Cola Co yesterday.
However, CCA said that November and December were crucial months for its performance and "any material change in consumer demand during this time may have an impact on the full-year result".
In a sign that CCA is in an acquisitive mood, it noted that it had an EBIT interest cover of more than four times.
Speculation has linked the group with moves for either all or part of Danone's Frucor division, and, subject to a regulatory review, possibly Cadbury's Australian drinks division. Both businesses are currently under review by their parent firms.
Elsewhere in its business, CCA said it had commissioned a new A$90m (US$61m) warehouse, designed to be the main storage facility in the New South Wales supply chain.
The firm said it had also benefited from its Pacific Beverages joint venture with SABMiller. Both Peroni and Miller brands have doubled their growth in the year-to-date, CCA said.
Japanese brewer Kirin Holdings has said that it will continue to pursue M&A deals in Asia in order to reduce its reliance on an "unsustainable" domestic market....
Coca-Cola Amatil's joint venture with SABMiller, Pacific Beverages, is set to launch a low-carbohydrate version of Italy's Peroni lager into the Australian market....
Coca-Cola Amatil has reported a 10% rise in profits for 2008 and above average volume growth in its core Australian drinks division for the first six weeks of 2009....
Lion Nathan has withdrawn its A$7.7bn takeover bid for Coca-Cola Amatil after talks broke down between the groups' parent firms, Kirin Holdings and The Coca-Cola Co....
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