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Coca-Cola Amatil Limited (ASX:CCL) has downgraded its full-year earnings guidance amid lower than expected consumer demand, increased competition and weakened Indonesian and Papua New Guinean currencies.
Coca-Cola Amatil says it expects earnings for the financial year to December 31 to decline between five and seven per cent compared to the previous year.
The updated guidance factors in weaker than expected post-election consumer demand, more aggressive competitor activity in Australia as well as an estimated negative impact of almost 1 per cent to group earnings due to the weaker Indonesian Rupiah and the PNG Kina.
Managing director Terry Davis says while the group's non-grocery business had increased volumes in the second half, aggressive competitor pricing activity had impacted its Australian grocery arm.
Coca-Cola Amatil generated a net profit of $216 million in fiscal 2013.
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