REPORTING SEASON: Coca/Cola Amatil (CCL)
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Figure 1: Coca/Cola Amatil 12 month chart
Beverage manufacturer Coca-Cola Amatil (CCL) has reported a 12.3% fall in 1H net profit, blaming tough trading conditions and heavy discounting from its competitors.
Reported NPAT for the six months to June 2013 came in at $215.9M while NPAT before significant items was down 8.5% to $225.1M.
Total revenue fell 3.4% to $2.36B while earnings per share dropped almost 9% to 29.5cps.
The 1H result actually beat expectations, however CCL has downgraded its FY13 outlook and now expects earnings to be down as much as 4%.
CCL has also announced it is restructuring its SPCA fruit and vegetable processing business, and will also focus on reducing costs across its entire business to improve market performance.
Shareholders will receive an interim dividend of 24cps, unchanged from last year’s payment.
The dividend will be franked at 75% and paid on 1st October.
A special unfranked dividend of 2.5cps has also been announced.
CCL shares fell following today’s result and are down almost 10% on the year.