The company said that the fall in profits to just over $1bn was due to increased spend on marketing, as well as a number of one-off charges.
However, it said that it expected an improved financial performance next year, after "putting our house in order", as chief executive Neville Isdell, chairman and chief executive, put it.
Isdell outlined plans for Coca-Cola to boost marketing spend by $400m last year. Speaking at a shareholders' meeting this week, he said that the company was making good progress, but there was still work to be done.
"We have got to change a culture that has simply forgotten what it is like to win," he said.
Sales of fizzy soft drinks are down in the UK by 拢100m on last year, and Coca-Cola has responded by hiring Naked and Mother, which will work on the launch of a new range of drinks under the name Z, for zero added sugar.
Coke's figures yesterday showed growth in Asia and Latin America offsetting a fall in Europe and little change in North America. Worldwide volume rose by 3%. Revenues were up by 4% to $5.27bn.
Over the weekend, it was revealed that Coke is looking at launching a coffee-flavoured soft drink that can be served at room temperature, in an attempt to combat the rising popularity of cafes like Starbucks. The company is also using the UK to test a new variant of the main Coke brand, a limited-edition lemon-flavoured drink.
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