Coca-Cola Q2 net revenue up 5%

Coca-Cola Q2 net revenue up 5%

New Delhi: Global beverage major Coca-Cola on Wednesday posted a 5% jump in net revenue to $8.67 billion for the quarter ended 2 July, 2010, driven by strong volume growth in emerging markets, including India.

The company, which had registered a net revenue of $8.26 billion in the corresponding quarter last year, said volume growth in India was the highest at 22%, compared to an average growth of 5% worldwide.

During the quarter, the company’s consolidated net income stood at $2.38 billion, a 16% increase from $2.04 billion in the same period last year.

“We gained global volume and value share in total non- alcoholic ready-to-drink beverages as well as sparkling and still beverages, driven by gains in both North America and many international markets," the company said in a statement.

Commenting on the company’s Indian performance, Coca-Cola India and South West Asia president and CEO Atul Singh said: “During the second quarter of 2010, we continued to achieve solid business results.

“This was our 16th consecutive quarter of growth. Coca- Cola India’s unit case volume grew by 22% during the quarter."

Coca Cola also attributed the global growth to brand Coca-Cola, which witnessed a 5% volume jump on the back of the FIFA World Cup sponsorship and the ‘Open Happiness´ campaign.

“We continue executing around the globe in close alignment with our bottling partners, leveraging our scale and unique global platforms — such as our FIFA World Cup campaign — to build the equity and global share of our brands," The Coca-Cola Company chairman and CEO Muhtar Kent said.

While volume growth in the European market was down 1% in the quarter, a major chunk of their earnings came from markets like Brazil, Mexico, the Philippines, Turkey, Thailand, Russia, India and the United States, it added.