TURKEY: Coca-Cola Içecek sees 2006 profits leap

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Coca-Cola Içecek (CCI) saw earnings leap almost 50% last year thanks to broad-based sales growth across its business.

The Turkey-based Coca-Cola bottler has reported a 49.6% jump in operating profit to YTL174.4m (US$125.8m) for 2006. The company, which released its annual results late on Friday (30 March), posted a 40% rise in net sales to YTL1.7bn.

CCI chief executive Michael O'Neill said he was "pleased" with the results. He said: "We aim to meet consumer needs and present a beverage portfolio that is comprehensive and varied. The geographic diversity of CCI gives us balance between core growth and emerging markets."

CCI said its sales figures for 2006 were boosted by the inclusion of its international operations into the results. CCI produces and distributes Coca-Cola and third-party beverages for Turkey and four other markets including Kazakhstan and Azerbaijan. The company said sales from markets outside Turkey reached YTL289.6m in 2006.

Within Turkey, sales rose by 18.8% to YTL1.4bn thanks to a 10% increase in volumes. CSD sales in Turkey rose by 12%, giving CCI a 65% share of the local carbonates market. Profits in Turkey jumped by 26%, CCI said.

Internationally, CCI said it witnessed "strong volume growth" in all its markets. Growth in Kazakhstan meant the former Soviet state accounted for some 57% of CCI's turnover outside Turkey.

However, CCI said earnings from its international business fell by 19% due to costs linked to the acquisition of a business in Jordan. Stripping out that charge, operating profit rose by 4.7%.

Sectors: Soft drinks, Water

Companies: Coca-Cola Içecek

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