Coca-Cola Enterprises, the world's largest soft drinks bottler which operates in North America and six countries in Europe, posted net income of $10m for the first quarter of 2002 against a loss of $401m in the corresponding period last year. The 2001 figure included an accounting adjustment of $302m; excluding that the loss would have been $99m.

The company, which is 40% owned by the Coca-Cola Co., also revised its forecast for the full year. CCE said it expected 2002 earnings before interest, taxes, depreciation and amortization of $2.33 billion to $2.38 billion, an 11% to 14% increase from 2001.

EBIDTA for the first quarter increased by 17% to $429m from $366m a year earlier. On a comparable basis, the company said, EBITDA increased by 11%. Revenue for the quarter was up by 9.3% from $3.33 billion to $3.64 billion. On a like-for-like basis, volumes grew by 6%.

Volumes were up by 5.5% in North America, boosted by growth in Coca-Cola brands, Dasani bottled water and contributions from new products. However, volumes in Europe rose by 7.5%. "We are pleased with our positive volume and financial performance in the first quarter, and we're off to a solid start in delivering our 2002 objectives," said chairman and CEO, Lowry F. Kline.