GREECE: Coca-Cola Hellenic profit flat in Q3
Coca-Cola Hellenic, the Greece-based Coca-Cola bottler, plans to step up its focus on cost savings after reporting flat profit in the third quarter.
Net profit remained at EUR213m (US$274M) for the three months ended 30 September, Coca-Cola Hellenic (CCHBC) said today (5 November).
Earnings performance in the third quarter improved compared to the first half, with net profit for the first nine months of the year down by 3% to EUR422m.
Cost savings initiatives already being implemented are likely to result in flat earnings for the full-year, meeting expectations, CCHBC said.
Managing director Doros Constantinou said the bottler was cautious over the short-term, and would look to generate more savings next year. "We continue to look for opportunities to further reduce our cost base and improve operating leverage in response to the current economic environment with the aim of strengthening profitability in 2009."
Constantinou praised CCHBC's sales growth. Net revenue rose by 9% in the third quarter to more than EUR2bn, and increased 8% for the first nine months of the year to EUR5.4bn.
A strong presence in emerging soft drinks markets, notably Russia and Poland, boosted growth, with Coke Zero driving sales in sparkling beverages and juices, teas, sports and energy drinks lifting non-carbonated beverages.
Group volume growth for the third quarter was 4%, below the group's expectations. It blamed this on poor weather and deteriorating economic conditions. Volume growth of 4% is expected to be the average for the full-year, the bottler added in its outlook.
Leading UK smoothie maker Innocent Drinks this week risked the wrath of its fan base by selling up to a fifth of its business to one of the biggest corporations in the US - The Coca-Cola Co. Michelle ...
Coca-Cola's purchase of a stake in leading UK smoothie brand Innocent could be a fillip for a sector that had grown rapidly but flagged last year, Annette Farr writes. It also sees Coke and PepsiCo ex...
Stable government and an expanding economy have greatly improved the growth prospects for soft drinks producers in Nigeria. Moreover, writes Richard Corbett, strategic analyst at market analysts Canad...
One-off charges may have seen Dr Pepper Snapple swing to a loss for its full-year in 2008, but Michelle Russell discovers that analysts and investors remain positive about the soft drinks maker's pros...
The pouch appears to have been a packaging format for drinks that has never been either fashionable or popular. And yet, Capri Sun, a product so clearly identified by its pouch-and-straw format, is an...
UK vodka sales will rise to GBP2bn (US$2.92bn) by 2013, but the pace of growth is set to slow, according to the latest research from Mintel....
The Coca-Cola Co has re-jigged its drinks supply deal with McDonald's in the US to include Coca-Cola Zero, Powerade Mountain Blast and vitaminwater XXX....
The INR500 crore (US$1bn) Indian energy and sports drink market could double within two years, industry officials believe....
- What do A-B InBev results mean for SABMiller deal?
- Brewers go Crazy over Flavoured Malt “Cocktails”
- Spirits - Where does 'Craft' End and 'Mass' Begin?
- Anheuser-Busch InBev's FY Performance by Region
- Much Work to do on Packaging in the US
- Diageo "smart bottle" targets consumers at home
- Tesco reinstates Dan Jago following suspension
- Tough US hits Mast-Jagermeister volumes in 2014
- George Clooney launches Tequila Casamigos in UK
- Pernod Ricard's Havana Club Union
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends research
- Wine, 2014 and the future
- Spirits and RTDs, 2014 and the future
- Global RTD/RTS insights - market forecasts, product innovation and consumer trends research
- Beam Suntory Inc. - Strategy and SWOT Report