UPDATE: Coca-Cola Amatil Expects Downturn To Get Worse
June 25 2009 - 1:30AM
Dow Jones News
Coca-Cola Amatil Ltd. (CCL.AU) Managing Director Terry Davis
said Thursday that he expects the economy to deteriorate further
before improving as forecasts are calling for unemployment to rise
in Australia.
Speaking at an American Chamber of Commerce in Australia
luncheon, he said consumer sentiment is still fragile, but that the
first half of the company's fiscal year ending June 30 benefited
from a hot summer and shopping that was fueled by consumer stimulus
checks.
The second half could be more difficult for the company,
depending on factors like weather and unemployment, he said, adding
growth won't likely be as high as it was in the first half. Davis
reiterated guidance of delivering high single-digit profit growth
for the first half of the year.
Davis was critical of the government's plan to tax employee
share schemes, saying such programs are beneficial for productivity
and shouldn't be discouraged.
"There's no question in my mind that when an employee has skin
in the game, it brings a tangible result," he said. "I hope common
sense will prevail."
Addressing speculation that the beverage company might consider
buying Fosters Group Ltd., Davis said there's no compatibility for
a wine business in Amatil's operations.
-By Cynthia Koons, Dow Jones Newswires; 61-2-8272-4691;
cynthia.koons@dowjones.com
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