The result for the year ended December matched consensus forecasts and was well ahead of company guidance issued in December and signalling profit growth of 10-15 percent.

The Australian-based company, which is 35 percent owned by The Coca-Cola Company and with operations stretching through Asia, said there continued to be "ongoing momentum" in the Australian and New Zealand markets, where the majority of its revenue is earned.

The company plans to undertake a detailed strategic review of its business following the completion of its 500 million dollar takeover of canned fruit and juice group SPC Ardmona later this month.

Chief executive Terry Davis said the company was committed to targeting double-digit net profit growth and would provide a further update to the market on 2005 trading conditions at its annual meeting on May 19.

CCA said its 2004 results were underpinned by "outstanding" results in Australia, New Zealand and Papua New Guinea, combined with improved trading in Indonesia.

But Davis warned that South Korea continued to face challenges and, should consumer confidence remain weak in this market, this would impact on volume growth.

Analysts had been looking for a reaffirmation from CCA management that it would divest its South Korean arm in 2006 if it failed to step up its performance this year.

But Davis said CCA was working with Coca Cola to build a longer term platform for growth in the South Korean market.

Meanwhile, he said consumer spending in Indonesia was dramatically affected in January following the tsunami tragedy on December 26.

Nevertheless, he said a luxury goods tax was removed in January from carbonated soft drinks which is expected to result in a further improvement in the trading performance in 2005.