Coca-Cola Icecek 2011 Profit Drops 29 Percent, Misses Estimate

Coca-Cola Icecek AS (CCOLA), Coca-Cola’s bottler in Turkey, reported a 29 percent decline in profit last year, missing estimates.

Full-year net income fell to 140.3 million liras ($79 million) from 197.7 million liras in 2010, Coca-Cola Icecek said in a statement to the Istanbul Stock Exchange after the market closed yesterday. The company was expected to earn 154 million liras, according to the average of 18 analyst estimates compiled by Bloomberg.

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