CCA to boost PNG ops with A$591.8mil profit

NETTING an annual net profit of A$591.8 million for the 2011 calendar year, up 19% on the prior year, Coca-Cola Amatil will be giving high priority this year to boosting its investments in Indonesia and Papua New Guinea.
The company said its businesses in Indonesia and PNG had generated strong growth in earnings, boosted by increased manufacturing capability and the distribution of more cold drink coolers.
“The up-weighting of our investment in Indonesia and PNG remains a high priority as the growth outlook for both businesses continues to be favourable,” group managing director Terry Davis said.
“The Indonesian economy remains very buoyant with GDP growth expected to be over 6% in 2012, supported by positive government financial reforms that are encouraging much-needed investment in infrastructure.”
The result included a A$59.8 million gain in significant items.
Net profit before significant items rose 5% to A$532.0 million, while trading revenue lifted 6.9 % to A$4.8 billion.
The company declared a final dividend of A$0.305 per share, fully franked, up 8.9%.
The significant gain of A$59.8 million comprised A$170.3 million in after-tax profit from the agreement to sell CCA’s 50% share of the Pacific Beverages brewing joint-venture to SABMiller in December 2011, less A$110.5 million in restructuring and associated costs for the SPC Ardmona food business.
Davis said the result was a strong one in a tough trading environment.