Coca-Cola Amatil posted first-half profit that missed analyst estimates and said a measure of full-year earnings would be as much as 22 per cent below expectations.
Net income fell 12 per cent to $216 million from $246 million a year earlier, the company said in a regulatory statement. That compared with the $220 million average estimate.
Competition in Australian supermarkets, where Woolworths and Wesfarmers units have an 80 per cent market share, weighed on profits, the company said. Full-year group earnings before interest and tax may fall as much as four per cent below last year’s result, missing the $890 million average of 11 analyst estimates by about 22 per cent.
‘‘While the Australian non-grocery business continues to perform well, the trading conditions in the grocery channel continue to be challenging,’’ Terry Davis, group managing director, said in a statement.
Ebit fell 6.9 per cent during the first half excluding one time items.