AUS: Coca-Cola Amatil predicts FY profits increase
Coca-Cola Amatil said that it expects 7% growth in EBIT for the 2010 full year
Coca-Cola Amatil (CCA) has said it expects to report a 10% lift in net profits for its fiscal year.
The Australian soft drinks firm said yesterday (6 February) that it expects 7% growth in EBIT for the 2010 full year. CCA will report its 2010 financial results later this month.
The firm said that the impact of the colder and wetter weather across the Eastern seaboard, in particular the flooding in Queensland, will result in EBIT growth of 5% to 5.5% for the second half. This is below the previous 7% to 8% target.
However, second-half net profit growth, which benefited from lower interest and tax costs, is expected to be 9% to 10%.
CCA's group managing director, Terry Davis said: "Trading conditions throughout the summer period have been challenging with unseasonal weather and lower consumer demand affecting CCA's major trading zones across Queensland, New South Wales and Victoria.
"Overall, our expectation of delivering 10% growth for the full year is a strong performance given the result also includes a $9.3m one-off tax expense in New Zealand from the unexpected change in New Zealand tax legislation in the first half," he added.
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