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.

To contact the reporter on this story: Aydan Eksin in Istanbul at aeksin@bloomberg.net

To contact the editor responsible for this story: Benjamin Harvey at bharvey11@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.