The soft drinks giant, Coca-Cola, has posted revenues of US$4.49 billion for the first quarter of 2003, up 10% from US$4.08 billion in the first quarter of 2002. The company reported first-quarter new income of US$835m against a net loss of US$194m in the corresponding period in 2002.

Coke said its international business had been adversely affected by the Iraq conflict and a national strike in Venezuela.

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Earnings per share for the first quarter to the end of March reached US$0.34, compared with a loss in the first quarter of 2002 of US$0.08 per share. Coca-Cola added that excluding one-off items and the effects of an accounting change, EPS would have been US$0.37 for the first quarter, in line with analysts’ forecasts.

Worldwide unit case volumes were up 4% in the first quarter from the first quarter of 2002. Volumes in North America rose by 3%, the company said, while international volumes increased by 4%.

“Throughout the quarter, we achieved share gains as our system successfully responded to and managed worldwide challenges and opportunities with flexibility, speed and professionalism,” said the company’s chairman and CEO, Doug Daft.

In the US, sales from Coke’s retail division rose by 2%, boosted by a strong contribution from Vanilla Coke. The company said that growth from non-carbonated has continued to contribute positively to the group’s progress. Particularly good performers in the US in the first quarter were the Dasani bottled water brand which grew by 22% and Powerade which grew by 16%. Coke said that its strategic link-up with Danone involving Evian and other water brands in the US had also made a contribution to unit case volume growth.

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In international markets, unit case volumes grew by 8% in Asia, with double-digit growth recorded in China, the Philippines, India and Thailand. In Latin America, unit case volumes were up by 5%, led by growth in Mexico and an improving performance in Argentina, while unit case volumes in Europe, Eurasia and the Middle East declined by 1%.

However, in spite of the growth in shipments in the first quarter, including growth in particularly sensitive Asian markets, concern has been expressed by analysts over Coca-Cola’s exposure to the effects of the Iraq conflict, suggesting that world events could have an impact on the company’s results through 2003. Addressing these concerns, Daft said: “Given the current volatile worldwide environment, our management team has continued to carefully monitor worldwide events and respond rapidly and effectively.”