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Atlanta (pte039/21.07.2005/15:19) - Coca-Cola Co http://www.cocacola.com , the world's leading soft-drink producer reported a rise in second-quarter profits by 8.8 per cent, boosted by high demand for Powerade sports drinks in Latin America and Europe, and higher sales in the US.
The Atlanta-based company's net income rose to $1.72 billion (about 1.4bn euros), or 72 cents a share, from $1.58 billion, or 65 cents, last year. Sales jumped 6.7 per cent to $6.31 billion, the largest increase in more than a year.
Dasani bottled water sales increased by 34 percent and Powerade sports drinks, by 23 percent, which gave the company a boost to catch up with PepsiCo Inc., the leader in noncarbonated drinks.
"It's a great step forward today for Coke,'' said Cincinnati-based Peter Kwiatkowski, portfolio manager at Fifth Third Asset Management, which owns 1.2 million Coca-Cola shares among $34 billion in assets. "It is really strong growth on noncarbonated drinks. Coke is definitely getting more competitive.''
PepsiCo second-quarter earnings rose 13 per cent and revenue climbed 8.9 per cent due to increased demand for noncarbonated drinks led by Gatorade in Europe and Asia and Quaker foods in the U.S.
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