Coca-Cola 3rd-quarter profit risess slightly

ATLANTA: The Coca-Cola Co. said Tuesday its third-quarter profit rose less than 1 percent, as sales fell as consumers continued to limitsoft drink purchases and the stronger dollar took a toll on revenue.The world's biggest beverage maker says it earned $1.92 billion, or 81 cents per share, compared with $1.92 billion, or 81 cents per share, a year earlier.Results in the most recent quarter ended Oct. 2 included a 1-cent restructuring charge.Atlanta-based Coca-Cola Co., the world's largest soft-drink maker, says revenue slumped to $8.04 billion from $8.39 billion. Foreign currency exchange dragged down revenue by 6 percent.Analysts polled by Thomson Reuters, who usually exclude one-time items from their estimates, forecast profit of 81 cents per share on revenue of $8.11 billion.Shares of Coca-Cola fell $1.04 to $53.75 in premarket trading.In North America, case volume fell 4 percent.Many consumers are cutting back on soft drinks for health reasons and switching to juices and teas. Coca-Cola said unit case volume for soda fell 5 percent in North America in the quarter, while volume of still beverages, including teas and juices, was even.Sales rose in emerging markets including India, China and Brazil. Total international case volume rose 4 percent, which includes 37 percent growth in India and 15 percent in China.The company said that a U.S. dollar still strong relative to last year's third quarter hurt earnings per share during the quarter, because about 85 percent of Coca-Cola's profit comes from sales abroad. A strong dollar dampens foreign sales for U.S. companies, because overseas sales convert back to fewer U.S. dollars.

Female hedgies kick dust in their male counterparts’ faces

LONDON: Hedge funds run by women have fallen only half as much in the financial crisis as those managed by men. The value of female-managed funds has dropped by 9.6 per cent in the past year, compared with 19 per cent for the rest, according to Chicago-based Hedge Fund Research.Women investment managers have also performed better over the past decade, with an average annual return of more than 9 per cent, while hedge funds overall delivered 5.82 per cent. The findings were showcased in a research paper presented at the Women’s Forum for the Economy and Society in Deauville, France, at the weekend. They are supported by Hedge Fund Research’s diversity index, which tracks the performance of other minority groups along with women. Funds run by women accounted for roughly 50 per cent of the index, which returned an average of 8.21 per cent a year since 2003, compared with 5.98 per cent for the field as a whole.Despite women’s apparent prowess, in early 2008 they were running only 3 per cent of the $1.9 trillion then invested in hedge funds. Female hedgies, such as Leda Braga, at London-based BlueCrest Capital Management, are a tiny minority.The paper by the US National Council for Research on Women says they suffer “capital punishment”, finding it harder to raise the finance to start up fund management firms and experiencing more difficulty in attracting money from investors. The average size of funds run by women and minorities is $73.7 million, compared with $308.2 million among men.One female asset manager said: “With a man ... you might dismiss something as a bad day, with a woman it’s seen as a sign of instability. Somewhere, buried deep in the psychology, is the notion that people don’t trust us with their cash.” The NCRW argues a better mix of male and female investment styles would lead to greater market stability. Linda Basch, its president, called for a change in the chilly workplace culture for female investment professionals and said women needed to gain critical mass in the finance industry: “It is uncomfortable to be the only skirt in the room. This is a time when we need women, with their more tempered approach to risk, as well as men.” Jacki Zehner, a former partner at Goldman Sachs, who initiated the report, said: “Where women are present at decision-making tables, the quality of those decisions improves.” NCRW’s work supports the views put forward by investment banker Ros Altmann and Professor Charles Goodhart of the London School of Economics at the Treasury select committee on women in the City last week. They argued the financial crash was less likely to have happened if there had been more women in senior positions in the industry. Goodhart said their more cautious and long-term outlook could prove a more positive trait than the aggressive, risk-taking stance of men.