Coca-Cola Amatil Pays Special Dividend Following SPC Sale

   By David Winning 
 

SYDNEY--Coca-Cola Amatil Ltd. (CCL.AU) on Thursday said it would use proceeds from the sale of its SPC fruit and vegetable processing business to pay a special dividend to shareholders.

The soft drinks maker reported a net profit of 168.0 million Australian dollars (US$114 million), up 6.3% on a year ago. However, earnings from continuing operations fell by 3.9% to A$173.3 million, which management said was in line with its expectations.

Coca-Cola Amatil said it would pay a special dividend of 4.0 cents per share after raising A$40 million proceeds from the sale of SPC. That is on top of an interim dividend of 21.0 cents a share.

SPC was purchased by Shepparton Partners Collective, a joint venture between investment firms Perma Funds Management and the Eights. The deal completed on June 28.

Coca-Cola Amatil, which has been struggling with weaker consumer demand for its staple carbonated sugary beverages, had in recent years invested A$78 million in the SPC unit. The government of Australia's southern state of Victoria also invested A$22 million.

-Write to David Winning at [e-mail]

(END) Dow Jones Newswires

August 21, 2019 18:56 ET (22:56 GMT)

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