GREECE: CCHBC reports bumper first half
The world's third largest bottler of Coca-Cola products, Greece's Coca-Cola HBC said today that a bumper second quarter had led it to raise its full year targets.
A strong second quarter saw the company nearly triple its first half net profit to €48m, from €17m in the first-half last year. The results were above expectations.
As a result full year net profit estimates have been increased to between €90m and €100m, from a previous forecast of around €70m.
Irial Finan, managing director of CCHBC, said: "Our strategic commitment to grow the profitability of our business and the improvement in the operating environment enabled us to deliver this strong performance. We remain focused on expanding our product portfolio through new launches and selective acquisitions in the fast expanding water segment. Our financial results so far in the year with the summer selling season near completion gives us renewed confidence for a strong performance for the full year primarily as our intense effort to manage costs and the operating leverage of our wide portfolio of countries remains strong."
The company added that lower interest rates and taxes also boosted its income.
With the hot weather across Western Europe a good third quarter is also now expected.
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