Coca-Cola Europacific Pretax Profit Falls on Higher Costs

By Anthony O. Goriainoff

Coca-Cola Europacific Partners said pretax profit fell in the first half after booking higher costs, and backed its guidance for the year.

The London-listed bottling company said Wednesday that for the period ended June 28, pretax profit was 1.045 billion euros ($1.15 billion) compared with EUR1.10 billion the year before.

Operating profit fell 2.4% to EUR1.14 billion due to higher business-transformation costs in the period. Revenue rose to EUR9.83 billion from EUR8.98 billion.

The company said the great performance seen in the Australia, Pacific and Southeast Asia region--which was led by the Philippines--offset Europe's softer volumes, which were due to adverse weather.

Coca-Cola Europacific said it expects comparable revenue growth of around 4% for the year--which will benefit from two extra selling days in the fourth quarter--and that comparable operating profit growth will be around 7%.

"We continue to invest for growth and have strong commercial plans in place for the rest of this year and beyond to engage customers and consumers," Chief Executive Damian Gammell said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

August 07, 2024 03:41 ET (07:41 GMT)

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