GREECE: Italy buy, marketing boosts Coke HBC
Coca-Cola HBC has reported a 13% rise in operating profit for the third quarter of the year, boosted by an acquisition in Italy and marketing investment in Eastern Europe.
The Greece-based Coke bottler today (14 November) posted operating profit for the three-month period of EUR231m (US$296m). Net sales rose 19% to EUR1.6bn, the company said.
The company's acquisition of Italian mineral water producer Trificante in July gave a boost to revenues, while the roll-out of the 'Coke Side of Life' campaign across Eastern Europe drove a 7% increase in sales from the Coca-Cola brand portfolio.
Doros Constantinou, managing director of Coca-Cola HBC, said: "Our top line investment initiatives continue to reap rewards, with all product categories showing growth, particularly those in our expanding non-carbonated soft drinks portfolio."
Coca-Cola HBC declined to provide a breakdown of the performance of its non-CSD stable but said it had enjoyed "strong double-digit volume growth" across all categories.
The company saw the restructuring of its operations in markets including Greece, Nigeria and Ireland weigh on quarterly profits by EUR6m.
The bottler also announced the appointment of Dimitris Vidakis as general manager for its operations in Greece. Vidakis moves from the company's business in Poland, where he held a similar position.
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