The Coca-Cola this afternoon said it made a profit in the first quarter of 2003 as sales fizzed more than 10 per cent higher.
"Throughout the quarter, we achieved share gains as our system successfully responded to and managed worldwide challenges and opportunities with flexibility, speed and professionalism," chairman and chief executive Mr Doug Daft said in a statement.
Coke reported a net profit of $835 million or 34 cents a share in the first quarter of the year, compared to a year-earlier loss of $194 million or eight cents a year.
Sales surged 10.3 per cent to $4.5 billion. The results from a year earlier had been hit by new accounting rules and other charges. This year, the first quarter was hit by the costs of a streamlining program.
Worldwide sales volumes rose four per cent in the first quarter, reflecting three-per cent volume growth in North America and four per cent internationally, the group said.
"The beverage industry has not been immune to the weak global macroeconomic environment that has impacted many business sectors," Coke said.
"In addition to these factors, the beverage industry, including the company, was adversely affected by short-term external factors, including a slowdown in "away from home" consumption caused by the war in Iraq, a lengthy national strike in Venezuela, a change in deposit laws in Germany and a shift in the timing of the Easter holiday."
Mr Daft said the results were driven by the operational, financial and brand strengths of the Coke system.