Coca-Cola Co, the world’s largest beverage company, has reported an eight per cent decline in profit during the October-December 2013 quarter.
The company’s net income during the quarter dropped to $1.71 billion compared to $1.87 billion in the corresponding quarter in the previous year.
Net operating revenues fell four per cent to $11.04 billion during the quarter under review from $11.45 billion in the year-ago period.
ALSO READ: Rural consumers can taste our beverages in Rs 5 cups; Coke Zero in cities soon: Venkatesh Kini
The firm has also witnessed slower growth in China and India. “Our China and India businesses grew slower than in recent years amidst slowing economic environments, but saw stronger performance in the second half of the year due to a focus on execution and normalised weather,” Coca-Cola said in a statement.
ALSO READ: Coca Cola India eyes double digit growth
While it grew just eight per cent in India in volume terms, the increase was lower at five per cent in China and three per cent in Japan. Overall volume in Pacific Group was at four per cent during the quarter.
Global sales volumes rose marginally by one per cent in the quarter, while it was at two per cent for the full year.
ALSO READ: Coca-Cola promotes Atul Singh as group president for Asia
“We are expanding our previously-announced productivity and reinvestment programme to generate an incremental $1 billion in productivity by 2016 to drive increased media investments in our brands,” the company said.