Coca-Cola's profit plunges 20 percent on bottling refranchising costs

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  • FILE PHOTO: A vendor walks at his Coca-Cola store in Phnom Penh, Cambodia, December 5, 2016. REUTERS/Samrang Pring/File Photo

    FILE PHOTO: A vendor walks at his Coca-Cola store in Phnom Penh, Cambodia, December 5, 2016. REUTERS/Samrang Pring/File Photo (Copyright Reuters 2017)

  • Bottles of Coca-Cola are pictured in a cooler during a news conference in Paris, France, April 20, 2017. REUTERS/Benoit Tessier

    Bottles of Coca-Cola are pictured in a cooler during a news conference in Paris, France, April 20, 2017. REUTERS/Benoit Tessier (Copyright Reuters 2017)

Coca-Cola Co reported a 20 percent drop in quarterly profit, largely weighed down by higher costs related to refranchising its North America bottling operations.

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Net income attributable to the company's shareholders fell to $1.18 billion, or 27 cents per share, in the first quarter ended March 31, from $1.48 billion, or 34 cents per share, a year earlier.

Revenue fell 11.3 percent to $9.12 billion, declining for the eighth straight quarter.

(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila)