AUSTRALIA: CCA posts 16% growth but fears persist
Net profit in the six months ended June 30 rose to A$109.5m (US$72m) from the year-earlier A$94m, just ahead of its forecast of 10 to 15% growth.
The rise was driven by sales of Vanilla Coke and other new products in Australia and New Zealand. And the CCA reiterated forecast for full year growth of 10 to 15.
The company said its strong hopes for Australia and New Zealand gave it confidence to make those estimates.
However, falling earnings in South Korea and Indonesia were enought to worry investors and prompted the fall in share price. Earnings before interest and tax slipped 30.9% to A$23.9m at its South Korean business while the Indonesian operation reported a 46.2% fall to A$5.
But chief financial officer Mike Ihlein said: "We have no intention today to get out of Indonesia or South Korea."
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