Emerging markets boost Coca-Cola

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Coca-Cola, the biggest drinks maker in the US, has shrugged off the economic slowdown thanks to strong demand in emerging markets.

The company reported earnings of $1.89bn (£1bn) for the third quarter, compared with $1.65bn for the same period last year - a rise of 14.5%.

Revenue was up 9% at $8.39bn, just below analysts' expectations.

The rise in international and emerging market sales masked disappointing sales in the US.

The company reported a 10% growth in sales of uncarbonated drinks, including juices and bottled water.

Sales of fizzy drinks, which include Coca-Cola, Dr Pepper and Fanta, rose by 3%.

Adaptability

Muhtar Ken, president and chief executive of Coca-Cola, stressed the importance of the company's international business, and in particular emerging markets, in fuelling growth.

He said: "Our ability to adapt to changing economic and consumer environments was key to our success during the quarter.

"We believe that this adaptability will continue to be crucial to the business going forward."

He also warned that the trading environment would continue to be challenging into 2009.

The results come one day after rival PepsiCo announced that its pre-tax profits had fallen 9% to $1.6bn, and that it was cutting 3,300 jobs.