GREECE: Coca-Cola Hellenic Q1 losses narrow
- Net losses slow by 16% to US$24.4m
- Net sales stay flat at $1.43bn
- Operating losses narrow by 8% to $11.3m
- Volumes remain flat
Coca-Cola Hellenic posted its Q1 results today
Coca-Cola Hellenic has eased its first-quarter losses but austerity measures across Europe took their toll, the company said today (16 May).
Net losses slowed by 16% to US$24.4m in the three months to 29 March, the Greek Coca-Coca bottler reported. Net sales remained flat at $1.43bn over the same period while operating losses narrowed by 8% to $11.3m.
Volumes were also flat, in line with last year's full-year numbers when a slight rise in sales failed to halt a 28% net profits tumble. CCH warned that the first quarter is traditionally the smallest of the year and not a strong indicator of full-year performance.
CEO Dimitris Lois said emerging markets posted “solid” growth while Europe's developed markets proved resilient in the face of cold weather and “persistently challenging trading conditions”.
“Against this backdrop, volumes grew in all key product categories, with the exception of water and a marginal decline in juice,” Lois said. “Further, we continued to focus on our top line with currency neutral net sales revenue per case increasing for the seventh consecutive quarter.”
Lois said CCH last month successfully joined the premium listing segment of the London Stock Exchange (LSE), giving the company greater access to international capital markets.
CCH first announced its intention to launch on the LSE in October.
Looking ahead, Lois said the company predicts economic and trading conditions “will remain challenging, particularly in our established markets”.
Shares in CCH were up by 1.5% on the LSE in morning trading.
To read the company's official statement, click here.
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