GREECE: CCHBC continues 2009 struggles in Q3
Coca-Cola Hellenic Bottling Corp has posted a slide in sales and profits for both its third quarter and the year so far.
The Greece-based soft drinks company said today (5 November) that net profits for the three months to 2 October were 3% down on the corresponding period a year earlier at EUR206.1m (US$306m). Sales also fell, by 9% to EUR1.88bn as volumes decreased by 4% to 583.6m unit cases.
Operating profits in the quarter were down by 4% at EUR274.6m.
For the first nine months of 2009, net profits are down by 6% at EUR396.1m, with sales at EUR5.15bn, a 4% decrease. Volumes are flat at 1.62bn unit cases, with operating profits slipping by 4% to EUR575.9m.
CCHBC noted that its performance in the year so far has been positively impacted by the acquisition of the southern Italian bottling operations of Socib late last year. Excluding Socib, unit case volume in the third quarter would have been 7% down year-on-year.
"During the third quarter, we witnessed deterioration in trading conditions reflecting the effect of reduced tourism in certain of our key countries and continued economic uncertainties due to rising unemployment levels and declining real wages", the company noted.
CCHBC's CEO, Doros Constantinou added: "In line with our update given in early August, we witnessed a further deterioration in trading conditions during the third quarter, particularly within our developing and emerging market segments. We expect the economic environment in these segments to continue to remain highly challenging for the balance of this year and into next year, and we continue to believe the timing of the recovery will lag that of our established markets.
To read the full release from CCHBC, click here.
For CCHBC's first-half performace, click here.
Coca-Cola Hellenic Bottling Company has appointed a regional director for its operations in Nigeria and several south-east European markets....
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