Interesting how the TA ‘predicted’ these results back on July 10: despite the initial positives.
Thank you
https://thewest.com.au/business/coc...emming-from-covid-19-shutdowns-ng-b881643926z Coca-Cola Amatil reports half-year loss of $8.7m stemming from COVID-19 shutdowns Danielle Le MessurierThe West Australian
Thu, 20 August 2020 9:47AM
Coca-Cola Amatil has reported a half-year loss of $8.7 million as COVID-19 shutdowns wreaked havoc on drinks sales and the company took a $101.2 million impairment against its Indonesia business.
The result stands in stark contrast to the $168m net profit the drinks giant recorded in the same period last year.
Despite the loss, the company will pay an unfranked first-half dividend of 9¢ a share on October 13.
Group managing director Alison Watkins said CCA experienced unique, market-wide challenges in the June half, “ranging from Australian bushfires and Indonesian floods through to the COVID-19 pandemic which impacted all our businesses”.
“Despite these challenges, the resilience of our business was demonstrated by our agile response in addressing changes in channel mix and consumer behaviour, enabling us to grow our market share in key product categories,” Ms Watkins said.
“Our financial performance under these challenging conditions, in particular our strong cash realisation, is a testament to the strength of our business and the tenacity of our people, partners and customers.
“Our priority has been to ensure a safe work environment for our people, to deliver market share gains and tightly manage our costs with approximately $60m of cost savings delivered in the half."
The challenging first-half conditions saw group trading revenue plummet 9.2 per cent to $2.19 billion.
Earnings before interest, tax, depreciation and amortisation fell 19.4 per cent to $370.5m, down from $459.7m in the same period last year.
CCA is one of the largest bottlers of non-alcoholic ready-to-drink beverages in the Asia-Pacific region.
At 10am, Amatil shares were trading 1.9 per cent higher at $9.04.
CCL Price at posting:
$9.54 Sentiment: None Disclosure: Not Held
