coca-cola amatil 1h profit to grow 5 per cent - pet resin
Coca-Cola Amatil Co. , Ltd. expects profit growth to be slow due to natural disasters, rising resin prices and a stronger Australian dollar, and profits in the first half will rise by 5 percentage points before major projects.
Compared with $0. 223 billion, the growth of 212 will be equivalent to about $.
7 million for the first half of the calendar 2010.
The company reports on a calendar year basis.
"Devastating natural disasters, higher resin prices and the impact of a stronger Australian dollar have cast a shadow on a promising start this year, with CEO Terry Davis) said at the company's annual general meeting today.
He added that this result will follow a very strong first-half result in calendar 2010. Shares in Coca-
Coke fell 21 cents, or 1.
77, to $11. 65 by 10.
Twenty-two o'clock A. M. EST, the lowest since March 29.
Net profit figures for the first half of the year may be equivalent to an increase of 6 to 7 percentage points before currency conversion has an impact on offshore earnings.
Flooding, hurricanes and earthquakes will cut net profit growth by 1 to 2 percentage points by half, the company said.
Over the past six months, PET resin prices have risen by more than 40 age points, and the strength of the Australian dollar against the dollar will reduce Australia's economic growth by about two cents, the strong Australian dollar against the dollar will also reduce Australia's economic growth by one to two cents.
The company said 2011 would be the peak of capital spending, with overall spending expected to be around $0. 375 billion.
Originally published in coca