Overseas sales add fizz to Coke's $2.2b quarterly gain

NEW YORK - International sales again underpinned Coca-Cola's fourth quarter, while sales in North America softened, to lift profits 55 per cent in the last three months of the year.

Coca-Cola's fourth-quarter net income rose to US$1.54 billion ($2.22 billion). Full-year profit rose 17 per cent to US$6.82 billion.

Although the economy appears to be slowly improving, the chief executive of the world's largest beverage maker said yesterday he expected 2010 to be another difficult year.

Muhtar Kent said people were no longer worried about how deep the recession would be, but sales could still be volatile in the next year as they waited to see job prospects improve.

"Compared to this time last year, there's a lot more clarity in terms of what the consumer is seeing. Not all good, but there's a lot more clarity," he said.

Atlanta-based Coca-Cola sold 5 per cent more beverages worldwide in its fourth quarter - with unit case volume up sharply in emerging markets such as China and India, and solid growth in Latin America.

The only region to report a case volume decline was North America, which had a 1 per cent drop-off - a sign that those consumers are still wary about their spending. But international sales now make up more than three-quarters of total revenue.

The still beverage category - which includes juices and teas - saw its unit case volume climb 9 per cent, 14 per cent internationally and flat in North America.

Revenue for the year dipped slightly to US$31 billion.

- AP