TURKEY: Coca-Cola Icecek suffers Q3 net income dip

Coca-Cola Icecek has posted a slight fall in net profit for its third quarter.

The Turkey-based company said yesterday (20 November) that net profit fot the three months to the end of September dipped to YTL102m (US$84.5m), compared to YTL105m in the corresponding period a year earlier.

Operating income for the quarter, however, leapt by 35% to YTL133m on the back of a 13% increase in sales, coming in at YTL673m. In volume terms, sales climbed by 15% to 171m cases.

In Turkey, where the bulk of Icecek's operations are, the company registered volume growth in all categories, with its fruit juice and water portfolios both delivering double-digit increases. The company also saw a "favourable impact" from price increases and improved mix.

For the first nine months of this year, net income was up a more impressive 72% at YTL167m. Operating profit increased by 36% to YTL246m - already ahead of the full-year figure in 2006 - as net sales rose by 15% to YTL1.56bn. Sales volumes climbed by 13% to 389m cases in the year so far.

"I am extremely pleased to report that our upward growth trend continued strongly in the third quarter," said company CEO Michael O'Neill. "We continued to grow revenue ahead of volume and EBITDA ahead of revenue."

In February, Coca-Cola Icecek set up a joint venture in Iraq, through its 50%-owned subsidiary The Coca-Cola Bottling Company of Iraq. The unit owns 60% of the Iraqi joint venture.