Sales for the year increased 13% to $35.12bn

Sales for the year increased 13% to $35.12bn

The Coca-Cola Co has recorded a 3% increase in operating profits for the full-year.

In the period to the end of December, operating profits reached US$8.45bn, the soft drinks giant reported today (9 February). Net profits soared by 73% to total $11.81bn.

However, operating profits in North America were down by 11%, although volumes were slightly up in the region.

Sales for the year for the group increased by 13% to $35.12bn.

In the fourth quarter, profits leapt by 274% to $5.77bn, although this was the non-cash gain related to the purchase of Coca-Cola Enterprise’s North American operations. Sales in the period rose by 40% to $10.49bn, while operating profits were down by 35% $1.56bn.

"We once again delivered strong results this quarter, with volume growth realised across all five of our geographic operating groups," said Coca-Cola's chairman and CEO, Muhtar Kent. "Importantly, we achieved solid growth in our developed markets with 3% growth in North America, 2% growth in Europe and 2% growth in Japan."

The group said of its non-cash gain in the fourth quarter: "As required by accounting standards, The Coca-Cola Company revalued its approximately 33% ownership of CCE to fair value at the closing date of the transaction to purchase CCE’s North American operations, resulting in a $5.0 billion one-time non-cash gain in the fourth quarter of 2010."

Coca-Cola shares were up 0.6% to $62.87 at 13:17pm GMT today.

Click here to view the full earnings release.