Coca-Cola Europacific Partners tempers annual revenue forecast on Indonesia weakness
Polyethylene terephthalate (PET) bottles of Coca-Cola move along a conveyor belt on the production line at the Coca-Cola Europacific Partners bottling plant in Les Pennes-Mirabeau, near Marseille, France, May 7, 2024. REUTERS/Benoit Tessier/File Photo
Coca-Cola Europacific Partners tempered its annual revenue forecast on Wednesday, citing softer demand in Indonesia due to geopolitical tensions in the Middle East and a challenging macroeconomic environment.
The bottler, which operates across Western Europe, the Middle East, Australia and New Zealand, said Southeast Asia volumes were hit by brand boycotts in Indonesia, a Muslim-majority country, in response to the conflict in Gaza.
Coca-Cola Europacific Partners expects annual comparable revenue to be between 3 per cent and 4 per cent, compared with a prior forecast of about a 4 per cent rise.
