PepsiCo profits fall 14%26 July 2012PepsiCo insists that it remains "on-track" to hit its full year target despite recording a 14% decline in net profit to $2.63 billion. Operating profit fell 9% to $4.1 billion after the firm was hit by the re-franchising of its drinks business in Mexico and China. Sales were flat over the period but down 2% in the second quarter. Net profit dipped 21% in the second quarter. Net revenue for PepsiCo's global drinks business slipped 4% in the first quarter and 8% in the second quarter. PepsiCo's Americas Beverage business posted a 3.5% year-on-year slide and operating profit was down 11%. Once again, the business fared less well in the second quarter as net sales and operating profit dipped 5% and 11% respectively. "PepsiCo is diligently executing the strategy we set forth at the start of the year, and we remain on-track to achieve our full-year targets,” said Indra Nooyi, PepsiCo's chief executive and chair. The company also revealed that it invested $137 million on its joint venture with Chinese soft drinks and noodles firm Tingyi in the period. | |
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