TURKEY: Coca-Cola Icecek swings to Q1 profits

By | 11 May 2010

Coca-Cola Icecek (CCI) has returned to profits in the first quarter of the year, boosted by carbonated drinks.

For the three months to the end of March, CCI recorded net profits of TRY8.8m (US$5.7m) compared to losses of TRY58.8m in the prior year.

Profits were boosted by greater operating efficiency and lower non-cash foreign exchange losses from foreign currency denominated financial loans, the firm said today (11 May).

Group net sales for the quarter amounted to TRY445m, up by 1.3% on the prior year. International operations accounted for 20% of the total net sales in the first quarter.

Group sales volume increased by 8.6% for the period to reach 113m unit cases. Net sales per unit case however, declined by 6.7% to TRY3.95.

“I am very pleased to announce that CCI had a good start to the year,” said CEO Michael O’Neill. “Colder weather and the economic environment in the regions where we operate continue to present challenges. Even though the first quarter is our smallest reporting period, a good start to the year boosts our confidence and encourages optimism for the rest of the year.”

O’Neill said the firm is “confident and determined” that CCI is positioned to take advantage of emerging economic recovery.

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Sectors: Company results, Soft drinks, Water

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