AUS: Coca-Cola Amatil sees broadening portfolio boost FY
Coca-Cola Amatil has posted a rise in profits for 2007, with the broadening of its drinks offering reaping benefits.
The Australia-based company, which in 2006 tied up with SABMiller to sell and distribute the brewer's beers in the country, said today (13 February) that net profit last year came in 10% up on 2006, at A$310.7m (US$278.6m). Total sales for the year were up by 1.9% at A$4.52bn.
"CCA's profit result has been achieved through the strong performance of the Australian and New Zealand beverage businesses, an excellent result from Indonesia and a solid contribution from our emerging alcohol business," said company MD, Terry Davis.
While Australia delivered sales growth of 9.1% at A$2.39bn, New Zealand performed equally well, also up 9.1% at A$454.3m.
CCA's joint venture with SABMiller, Pacific Beverages, delivered volume growth of over 150% over 2006, when the beer brands were under other distribution arrangements. Earnings contribution from the unit was described as "small", although this was still ahead of expectations.
The disposal of its South Korean business last year generated a loss on the sale of A$49.4m. CCA sold the unit to LG Household & Health Care in October for A$520m.
Going forward, the company said that its priority would be to continue the expansion of its non-alcoholic and premium alcoholic beverage portfolio. "Our strategy to focus on organic growth over the last two years has proven to be the correct path," Davis said. "The company remains on track to continue the expansion of its multi-beverage strategy in 2008."
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