Pepsi Co announced it had posted net profits of $401 million (£291.9 million) in the last quarter of 1997, up dramatically from $28 million a year earlier.

Earnings per share soared to 25 cents from three cents in the fourth quarter of 1996. Still, it was seven cents lower than the figure forecast by many analysts. Quarterly revenue was up 3.3 per cent to $6.25 billion, the company said. - (AFP)