Coca-Cola suffers big profit drop
Print Edition
COCA-COLA saw profits drop sharply due to sales of bottling facilities as it moved to expand offerings of low-sugar and non-carbonated beverages amid flagging demand for sweet sodas, the company said yesterday.
Net income for the US soft drinks giant plunged 60 percent in the second quarter to US$1.4 billion, while revenues fell 16 percent to US$9.7 billion. Both were hit by the company’s move to offload bottling assets in North America.
Sales volume grew for three of four beverage categories: juice, dairy and plant-based beverages; water, enhanced water and sports drinks; and tea and coffee.
But volumes were flat in sparkling drinks.
CEO James Quincey said Coca-Cola’s efforts to meet consumer demand for non-sweet and healthier offerings were on track.
Coca-Cola Zero Sugar grew strongly in Europe, Middle East, Africa and Latin America.
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