SYDNEY, Aug 20 (Reuters) - Australia’s Coca-Cola Amatil Ltd (CCA) on Wednesday reported a 16 percent fall in first half net profit on weak domestic consumer spending and rising costs in Indonesia and warned full-year profits would be “materially lower” than last year.
Net profit of A$182.3 million ($169.50 million) compared with A$215.9 million a year ago and were largely in line with analyst expectations of A$184.5 million, according to Thomson Reuters I/B/E/S.
The food and beverage company’s first set of results under new managing director Alison Watkins, who kicked off a business strategy review within weeks of taking the job.
CCA warned in April that it expected core earnings to fall about 15 percent in the first half of 2014 on weak domestic consumer spending and rising costs in Indonesia.
“While it’s too early for full-year guidance, we expect earnings for 2014 to be materially below 2013. Second half earnings however should exceed the first half, before significant items,” Watkins said in a statement.
CCA in February booked an 83 percent decline in annual net profit, its worst profit in 20 years.
1 US dollar = 1.0755 Australian dollar Reporting by Lincoln Feast; Editing by Lisa Shumaker