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Coca-Cola: posts net loss due to US tax reform

(CercleFinance.com) - Coca-Cola reported a big quarterly loss of 2.
7 billion dollars on Friday, against a 550 million dollar profit a year ago, due mainly to a one-off net charge of 3.6 billion dollars over the quarter resulting from the US tax reform.

The charge consisted of a repatriation charge of 4.6 billion dollars and a deferred tax benefit of one billion dollars.

Excluding these charges, the company posted operating income of 1.3 billion dollars in the quarter, down 3% from 1.35 billion dollars a year ago.

The Atlanta-based company said Q4 revenues declined 20% to 7.5 billion dollars, impacted by the headwind of the ongoing refranchising of local bottling units.

Total unit case volume was flat over the quarter.

Shares of the world's largest soft drinks maker were up 2.4% in pre-market trading today.

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