GREECE: Coca-Cola Hellenic makes Q1 net loss
- First-quarter net loss of EUR1m (US$1.4m) from a profit of EUR29m last year
- Net sales edge up by 1% to EUR1.42bn
- EBIT drops by 51% to EUR28m
- Sales growth includes a 2% increase in developing and a 7% increase in emerging markets
Coca-Cola Hellenic made a net loss in the first-quarter of the year
Coca-Cola Hellenic Bottling Co has posted a net loss in the first-quarter as a result of increasing commodity prices.
For the three months to 2 April, the company made a net loss of EUR1m (US$1.4m) compared to a profit of EUR29m in the comparable period last year. EBIT dropped by 51% to EUR28m.
Net sales however, edged up by 1% to reach EUR1.42bn. Growth included a 2% increase in developing and a 7% increase in emerging markets.
“While input costs will remain a challenge throughout the year, we expect trading conditions to improve as we move into our more important summer selling period during the second quarter,” said Coca-Cola Hellenic's CEO, Doros Constantinou.
“We will continue to balance the need to offset significant increases in commodity prices with the ability of our consumers to bear increased cost and our strategy of strengthening our market position.”
Click here to view the earnings release.
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