Coca Cola announces European profits fall

Coca-Cola saw its share price rise today (April 16th) despite news the company's profits in Europe have fallen.

It was announced by the soft drinks manufacturer that it made $1.75 billion (£1.14 billion) in the first three months of the year, which is a drop of around 15 per cent compared with $2.05 billion in revenue between January and March 2012.

Sales in Latin America were up by four per cent, it was revealed by the company, while Coca-Cola's chairman and chief executive Muhtar Kent said it has "once again delivered solid growth against the backdrop of a still uncertain global economy".

Coca-Cola, which produces brands including Sprite, Fanta and Minute Maid – announced sales in Eurasia and Africa jumped by nine per cent for the quarter.

At 16:24 BST, the share price of the company was recorded at 42.25, which is a rise of more than five per cent on the cost of stocks on the Nasdaq at the start of the day's trading.

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