Coca-Cola Q1 net income up 17.6% to $1.8 bn

Driven by emerging markets, including Russia, China and India, global beverages firm Coca-Cola today reported 17.65% jump in its net income to $1.8 billion in the first quarter ended April 1, 2011 as compared to the same period last year.

During the period, the company's net revenue grew by 40% to $10.5 billion from $7.5 billion posted in the corresponding quarter last year.

The company, which sells cola brands like 'Coca-Cola', 'Fanta', 'Thums Up' and 'Sprite', said it has witnessed a worldwide volume growth of 6% during the quarter.

The 'Coca-Cola' brand lead the growth in sparkling beverages segment with a worldwide volume growth of 3% in the quarter driven by a wide array of global markets, the company said in statement.

The brand saw 24% growth in Russia, 20% in Turkey, 14% in China and 9% in India, it added.

This was the 19th consecutive quarter that the Coca-Cola brand has witnessed volume growth in the Indian market, although the rate of growth was 29% in the year-ago period, the company said.

Commenting on the results, The Coca-Cola Company Chairman and Chief Executive Officer Muhtar Kent said: "Despite ongoing global geopolitical challenges, we once again delivered consistent, quality growth across all five of our geographic operating groups, with broad worldwide share gains across beverage categories".

Besides, still beverages witnessed a volume growth of 11% in the quarter, led by growth across the portfolio, including juices and juice drinks, ready-to-drink teas, sports drinks and water brands.

"The growing value of our brands, our consistent quality operating results and our solid financial performance underscore how our system is steadily and strategically advancing its momentum around the world," Kent said.