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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Coca Cola Company | NYSE:KO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.0835 | -0.13% | 61.8465 | 62.3991 | 61.72 | 62.18 | 11,015,144 | 23:16:30 |
By Rhiannon Hoyle
SYDNEY--Coca-Cola Co.'s (KO) Australian distributor reported a 16% decline in first-half profit as its Australian soft-drinks unit remained locked in a retail-price war, and subdued consumer spending meant promotions didn't bolster sales as hoped.
Coca-Cola Amatil Limited (CCL.AU), 29% owned by the U.S. beverage giant, Wednesday said net profit fell to 182.3 million Australian dollars (US$169.6 million) in the six months through June, versus A$215.9 million a year earlier.
"Promotional activity yielded disappointing results and rate realization continued to be under pressure due to weaker consumer demand, aggressive competitor pricing and private label activity in both water and flavored carbonated beverages," the company said in a filing to the Australian Securities Exchange.
It said market conditions had deteriorated since Australia's federal budget was announced in May, with evidence of consumer "promotional fatigue consistent with weaker consumer sentiment."
The company cut its interim dividend to 20 cents a share, from 24 cents at the same time last year. That represented a payout ratio of nearly 84%, though, above the group's target of 70-80%, Coca-Cola Amatil said in the filing.
Coca-Cola Amatil produces and distributes the flagship Coke brand in Australia and four neighboring countries, where it goes head-to-head with PepsiCo. Inc. (PEP) in the cola drinks market. It also distributes the premium-spirits portfolio of Beam Global Spirits & Wines, such as Canadian Club whiskey.
In April, the business announced it had begun a strategic review of its food and drinks operations to seek ways to cut costs and boost productivity.
On Wednesday, executives outlined plans to overhaul its Australian beverage business, including cutting more than A$100 million in costs over the next three years, increasing its range of low calorie drinks, and boosting spending on marketing its products.
Coca-Cola Amatil said it continues to assess its strategy for its business in Indonesia, where the company said it faces headwinds from substantial cost inflation and intensifying competition from a rising number of rivals.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
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