India, China grew faster than other Asia Pacific markets: Coca-Cola
New Delhi: American beverage maker Coca-Cola Co. on Tuesday said its growth in India and China outpaced more developed markets, including Japan and Australia, during the quarter ended 31 March 2018.
During the quarter, Coca-Cola posted a 5% growth in unit-case volume in the Asia pacific region. This, according to the company’s global result statement, was driven by “strong performance in China and India”, partially offset by a low single-digit decline in Southeast Asia.
“Operating income growth outpaced revenue growth for the quarter, largely driven by favourable product mix as sparkling soft drinks grew volume double digits in China and India,” Coca-Cola said.
The maker of Coca-Cola and Sprite aerated drinks and Minute Maid fruit beverage also said its bottling division has reported a 2% growth for the quarter ended 31 March “largely driven by strong performance in India”.
Globally, Coca-Cola reported a 16% decline in revenue to $7.63 billion for the quarter ended 31 March because of divestment of its bottling operations. Its net profit rose 16% to $1.37 billion for the quarter under review. The company said its revenue topped by about $300 million due to increasing demand of Coke Zero Sugar and new flavours of Diet Coke.
Coca-Cola India, the local entity of the American beverage maker, had said on 22 February that the company’s revenue grew at “strong double digit” during the previous quarter ended 31 December 2017 backed by “strong single digit” volume growth. The company has also claimed that the Indian unit grew at a double digit rate in the July-September 2017 quarter. Its volume growth was at 6% during that quarter, Coca-Cola global president and CEO James Quincey had said in an investor call in October 2017.