Coca-Cola sales sink 20%, records $3.6 billion tax charge
Bengaluru: Coca-Cola Co. reported a 20% fall in quarterly revenue on Friday as it continues to sell off its bottling operations, and recorded a $3.6 billion charge related to the new US tax laws.
The Fanta and Diet Coke maker reported a net loss of $2.75 billion, or 65 cents per share, in the fourth quarter ended 31 December, mainly due to the charge. A year earlier, the company had posted a profit of $550 million, or 13 cents per share.
Net operating revenue fell to $7.51 billion from $9.41 billion a year earlier, mainly due to the refranchising of its bottling operations, but beat analysts’ estimate of $7.36 billion, according to Thomson Reuters I/B/E/S. Reuters