Cost controls and higher prices have helped Coca-Cola Bottling Consolidated to report a strong rise in profits for 2009.
Net profits soared to US$38m for the 12 months to the end of December, compared to just $9m in 2008, the soft drinks bottler said late yesterday (9 March).
After stripping out one-off gains in 2009 and charges in 2008, however, the leap was less pronounced, with net profits rising to $21.9m for 2009 against $19m a year earlier.
Cost controls boosted earnings during the year, while drinks price rises helped to mitigate volume sales declines, said the group.
Net sales were $1.44bn, compared to $1.46bn in 2008, said Coca-Cola Bottling Co. Sales in the fourth quarter rose, however, to $354.4m from $348.4m.
“2009 was a very challenging year for our industry and our company, as it has been for the entire US economy,” said group chairman and CEO Frank Harrison.
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By GlobalData“We are very pleased with the significant improvement in our reported financial results especially given the challenges in our industry,” he said.
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