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Coca-Cola Icecek Falls in Istanbul After Profit Misses Estimate
Coca-Cola Icecek AS (CCOLA), Coca-Cola’s bottler in Turkey, declined most in a week in Istanbul after reporting a 29 percent decline in full-year profit, missing estimates.
Coca-Cola Icecek declined 1.1 percent to 22.35 liras at 10:04 a.m., in the biggest drop since March 22. Net income dropped to 140.3 million liras ($79 million) last year from 197.7 million liras in 2010, Coca-Cola Icecek said in a statement to the Istanbul Stock Exchange after the market closed yesterday. It was expected to earn 154 million liras, according to the average of 18 analyst estimates compiled by Bloomberg.
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