Coca-Cola Q2 net revenue up 5 pc, India sales up 22 pc
Global beverage major Coca-Cola on Wednesday posted a five per cent jump in net revenue to USD 8.67 billion for the quarter ended July 2, 2010, driven by strong volume growth in emerging markets, including India.
The company, which had registered a net revenue of USD 8.26 billion in the corresponding quarter last year, said volume growth in India was the highest at 22 per cent, compared to an average growth of 5 per cent worldwide.
During the quarter, the company's consolidated net income stood at USD 2.38 billion, a 16 per cent increase from USD 2.04 billion in the same period last year. "We gained global volume and value share in total non- alcoholic ready-to-drink beverages as well as sparkling and still beverages, driven by gains in both North America and many international markets," the company said in a statement.
Commenting on the company's Indian performance, Coca-Cola India and South West Asia President and CEO Atul Singh said: "During the second quarter of 2010, we continued to achieve solid business results. "This was our 16th consecutive quarter of growth. Coca- Cola India's unit case volume grew by 22 per during the quarter."
Coca Cola also attributed the global growth to brand Coca-Cola, which witnessed a five per cent volume jump on the back of the FIFA World Cup sponsorship and the 'Open Happiness' campaign.
"We continue executing around the globe in close alignment with our bottling partners, leveraging our scale and unique global platforms -- such as our FIFA World Cup campaign -- to build the equity and global share of our brands," The Coca-Cola Company Chairman and CEO Muhtar Kent said.
While volume growth in the European market was down one per cent in the quarter, a major chunk of their earnings came from markets like Brazil, Mexico, the Philippines, Turkey, Thailand, Russia, India and the United States, it added.
