Published Date:
18 July 2008
COCA-COLA has seen second quarter profits fall by 23 per cent to £701 million, compounded by a £500m writedown after problems at its biggest US bottling operation.
Coca-Cola Enterprises (CCE) announced a £2.6 billion non-cash writedown in the value of its business yesterday, citing higher commodity costs and declining demand in the US.
CCE bottles and distributes 80 per cent of Coke's drinks in the US, as well as in Europe.
The move led Coca-Cola, which owns about 35 per cent of CCE, to take a £500m writedown in its second-quarter profits.
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Last Updated:
18 July 2008 11:56 AM
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Source:
Edinburgh Evening News
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Location:
Edinburgh
