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Coca Cola profit drops 60% on refranchising charge
[BENGALURU] Coca Cola reported a 60.2 per cent drop in quarterly profit, as the beverage maker incurred a charge of US$653 million related to refranchising its North America bottling operations.
Net income attributable to Coca-Cola's shareholders fell to US$1.37 billion, or 32 US cents per share, in the second quarter ended June 30, from US$3.45 billion, or 79 US cents per share, a year earlier.
Revenue fell to US$9.70 billion from US$11.54 billion a year earlier, falling for the ninth straight quarter, hurt by a strong US dollar and refranchising of bottling territories.