Coca-Cola Amatil Posts Drop In H1 Profit
Coca-Cola Amatil (OTC: CCLAY) reported a 16% fall in its first-half profit.
Coca-Cola Amatil's net profit for the period declined to 182.3 million Australian dollars (US$169.6 million), from A$215.9 million, in the year-ago period. Analysts were expecting a profit of around A$173 million.
Earnings before interest and tax (EBIT) dropped 12% y/y to A$317 million ($295 million) in the period. EBIT in Australia shrank 14.1% to $226.5 million, while EBIT in Indonesia tumbled 83.4% to $5.2 million.
Its also lowered its interim dividend to 20 cents per share, versus 24 cents per share.
The company also announced its plans to lower more than A$100 million of costs over the next three years.
“While it's too early for full-year guidance, we expect earnings for 2014 to be materially below 2013,” Coca-Cola Amatil chief executive Alison Watkins said.
Coca-Cola Amatil shares gained 0.83% to close at $9.07 yesterday.
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