Coke sales overstated by RI unit<\/p>\n
Coca-Cola Co., the world's largest soft-drink maker,
\noverstated its volume of beverages sold for the past three years
\nbecause of errors in reporting bottled-water sales in Indonesia.<\/p>\n
Volume was inflated by 2 million to 13 million cases per
\nquarter since 2001's third quarter, the Atlanta-based company
\nsaid in a Securities and Exchange Commission filing. Coca-Cola
\nrevised growth rates for Asian and global volumes to correct the
\ninaccurate figures. Net income and revenue aren't affected,
\nspokesman Ben Deutsch said.<\/p>\n
The overstated sales were disclosed after a joint venture
\nformed last month by Coca-Cola and Nestle SA acquired a 65 percent
\nstake in the Indonesian water distributor, PT AdeS Alfindo
\nPutraSetia Tbk. Coca-Cola acquired the AdeS, Vica and Desca water
\nbrands in 2000 and began counting sales in its volume estimates,
\nthough until recently didn't control the water distribution
\nbusiness or its seven bottling plants around the country.<\/p>\n
Asian sales, measured by volume, have risen 4 percent this
\nyear, twice the previously reported rate because last year's
\nsales were overstated, Coca-Cola's filing said. Coca-Cola gets
\nalmost a quarter of its sales from Asia, with markets including
\nIndia and China leading the company's growth.<\/p>\n
Last year, the SEC and federal prosecutors began
\ninvestigating charges from a fired former employee alleging that
\nCoca-Cola inflated sales in Japan by shipping excessive soft-
\ndrink syrup to bottlers. The company is cooperating with the
\ninvestigations, the filing said. -- Bloomberg<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/coke-sales-overstated-by-ri-unit-1447893297",
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