AUS: Coca-Cola Amatil reports record H1
Coca-Cola Amatil (CCA) has delivered a record net profit after tax for the half-year, as Australia and New Zealand performed strongly and Indonesia demonstrated a continuing recovery for the group.
Australia's largest soft drinks group said today (9 August) that net profit after tax and before exceptional items reached A$160.9m (US$137.6m), an increase of 10.7% over the first half of 2006. EBIT growth before significant items also set a record, increasing by $33.3m or 13.3% to $284.5m.
CCA's group managing director, Terry Davis said: "CCA's profit result has been achieved through the strong performance of the Australian and New Zealand beverage businesses, and the continued recovery of our Indonesian operations. This operating performance has been driven by a combination of improved pricing and product mix, and was achieved despite the continued impact of commodity input cost increases."
Davis said that both Australia and New Zealand achieved volume increases for the half, which he called "a significant achievement" given both countries were cycling the successful launch of Coca-Cola Zero in the first half of 2006.
The Indonesian business recovered strongly during the first half achieving volume growth of 15.8% as consumer demand improved. Davis said: "The strong performance of Indonesia has been a highlight of the half and we have been rewarded for our continued investment in the marketplace during the period of reduced demand in 2006."
Total beverage revenues for the group increased by 4.7%, and by 4.2% on a per unit case basis, driven by good price per unit case realisation in all countries other than South Korea.
The company said, however, that increases in commodity input costs continued to impact on CCA's manufacturing cost base. Higher commodity costs, specifically aluminium and PET resin, partially offset by a stronger Australian dollar, drove an overall increase in the cost of goods sold for CCA's beverages of $73.6m for the period.
"Assuming the continuation of current trading conditions and with the important summer trading season for Australia and New Zealand still to come, CCA expects to be able to deliver high single-digit EBIT growth for the second half of 2007," a statement to the Australian Stock Exchange said.
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