Coca-Cola Amatil shares jump despite tepid result

Net profit for the half-year to the end of June was A$78.9 million compared with A$90.3 million last year.

However the comparative figures included a A$21.4 million dollar market development incentive payment last year from The Coca-Cola Company in respect of the South Korean market.

CCA says if that payment was disregarded net operating profit, cash operating profit and trading profit would have increased by 14.5%, 5.7% and 0.9%, respectively.

Coca-Cola Amatil is the largest bottler of non-alcoholic beverages in the Asia Pacific region, operating in seven countries - South Korea, Indonesia, Philippines, Australia, New Zealand, Papua New Guinea and Fiji.

The company says volume and profit both grew in the Australian, Oceania and Indonesian markets, and the outlook in those markets is positive.

In South Korea volume was up and underlying profitability - profit excluding market development incentive payments - also improved, and that should also continue.

However it says Philippines volume was down 1.5% compared with last year, and there was a substantial reduction in trading profit.

CCA says the restructuring of the Philippines business, announced in December 1999, is continuing as planned and will deliver significant benefits in 2001.

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