Coca-Cola Amatil, the Australian soft drinks company, expects its first half net profits to jump by between 10 and 15%, thanks to strong performances in Australia and New Zealand.
“Strong EBIT (earnings before interest and tax) performances in Australia and New Zealand are expected to offset weakness in South Korea and Indonesia,” managing director Terry Davis said in a statement issued at the start of the company’s annual meeting of shareholders.
“With four months of the year completed, CCA is confident that the three-year annual earnings targets (established in December 2001) of 10% to 15% net profit growth and 12% to 15% earnings per share growth remain achievable for the full year 2003,” the statement went on.
A decline in consumer confidence in South Korea added to volumes falls from a one-time change by CCA to its trading terms in the wholesale channel. But this was offset by good growth in Australia and Oceania.
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