TURKEY: Coca-Cola Icecek sees lift in H1 profits
Coca-Cola Icecek booked a 14.5% increase in half-year profits today (28 August) and said it expects to continue top-line into the second half of 2009.
Consolidated net income for the six-month period to the end of June reached TRY76.9m (US$51m), compared to TRY88.1m in the prior year.
Net sales rose to TRY1.18bn, representing a 12.2% increase on the comparable period of 2008. International operations accounted for 23.2% of the total net sales in the first-half versus 15.8% a year ago.
Consolidated sales volume reached 275.6m unit cases for the first half of 2009,
13.8% higher than the figure recorded in the same period of the previous year.
International sales volume accounted for 25.9% of the total volume versus 19.8% in the previous year with the addition of Pakistan.
Consolidated EBITDA rose by 6.2% to TRY204.4m. However, EBITDA margin dropped slightly to 17.3%.
CEO Michael O'Neill said: "We remain positive for the near-term outlook and we are on track to deliver top-line growth going forward. We continue to focus on driving cost out of our system with a very clear strategy of having a lean and fit organization capable of optimizing on opportunities"
He added: "The alcohol free beverage sector will recover as both the macroeconomic environment improves and consumer spending increases and CCI is well positioned to reap the benefits. As we operate in countries with favourable demographics and which have relatively low per capita consumption of sparkling beverages, I believe there is ample room for healthy improvement in the years ahead."
The Turkey-based soft drinks bottler approved the distribution of TL16m (US$10m) in cash dividends to shareholders in May. A cash dividend for the 12 months of 2008 was paid to shareholders on 29 May.
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