CHILE: Embotelladora Andina FY profits slide
- Full-year net profits slide by 6.3% to CLP97.02bn (US$197.6m)
- Operating profits drop by 3.5% to CLP142.4m
- Sales increase by 10.6% to CLP888.7m
- Fourth-quarter net profits slide by 6.2% to CLP24.28bn
Embotelladora Andina has booked a drop in full-year profits
Embotelladora Andina has booked a drop in full-year profits, hurt by higher costs.
Net profits for the 12 months to the end of December slid by 6.3% to CLP97.02bn (US$197.6m), the Chilean soft drinks bottler said yesterday (31 January). The company blamed the drop on commodity cost increases in all three of its operations, in Argentina, Brazil and Chile.
Operating profits for the year dropped by 3.5% to CLP142.4m, while sales climbed by 10.6% to CLP888.7m. Sales volumes amounted to 501.2m unit cases, an increase of 4.4% on a the comparable period last year.
For the fourth quarter, net profits slid by 6.2% to CLP24.28bn. Operating profits, however, climbed by 4.8% to CLP52.4bn, while sales increased by 13.5% to CLP294.70bn.
"Fourth quarter results reaffirms the improvement we had reported during the third quarter," said Embotelladora Andina's CEO, Miguel Angel Peirano. "The investments carried out during 2011, whereby we considerably increased installed capacity, will allow us to be in a very good position to face 2012."
Click here to view the full earnings release.
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