The Australian soft drinks producer, Coca-Cola Amatil, says it remains confident that it will reach its 2003 earnings targets of 10% to 15% net profit growth and 12% to 15% earnings per share growth.
Managing director, Terry Davis, also said the company was confident about reaching its forecast 1 to 1.5 percentage points improvement in return on capital employed.
“Excellent earnings performance in Australia and New Zealand will more than offset weakness in South Korea and Indonesia,” Davis said. Amatil, which is currently engaged in a takeover bid for Neverfail Springwater, is forecasting first-half 2003 net profit growth at the top end of its previous guidance of 10% to 15% growth if trading is satisfactory trading in June.
In Australia, Amatil said it expects to return record double-digit growth in earnings before interest and tax for the first half on the back of good volume growth, higher revenue per case, lower cost of raw materials and further reductions in operating costs.
