TURKEY: Rising input costs hit Coca-Cola Icecek H1 profits
- First-half net profits slide by 8.4% to TRY76m (US$42.4m)
- EBITDA rises by 10% to TRY224m
- Consolidated net sales climb by 24% to TRY1.6bn
- Profits hurt by input cost pressures and foreign exchange volatility
Coca-Cola Icecek H1 profits hurt by input cost pressure
Coca-Cola Icecek has reported a drop in first-half profits, hurt by input cost pressure and foreign exchange volatility.
Consolidated net income for the six months to the end of June slid by 8.4% to TRY76m (US$42.4m), the Coca-Cola bottler reported yesterday (18 August). EBITDA however, climbed by 10% to TRY224m.
Sales in the period increased by 24% to TRY1.6bn. Sales volumes grew by 17.7% to 356.5m unit cases on the back of international volume growth of 25.4%.
“Our first-half performance gives me optimism that we will deliver on our guidance for 2011 which is high single-digit to low double-digit volume growth in Turkey, and mid- to high-teens volume growth in international operations, whereas revenue growth is expected to be higher than the volume growth,” said Coca-Cola Icecek's CEO, Michael O’Neill.
Click here to view the earnings release.
- Focus - Edrington's FY Performance by Brand
- Where Beer is Brewed Can Leave a Bad Taste
- Analysis - Storm clouds lift over Diageo Towers
- Analysis - Cider's Campaign Gains
- Analysis - SABMiller's LatAm aim? Drink more beer
- Former Bacardi exec takes De Kuyper CEO role
- Pernod Ricard appoints Absolut Vodka VP
- Edrington posts FY profits drop
- Beam Suntory to re-package Courvoisier Cognac
- TWE, Pernod hail China-Aus FTA
- Global liqueurs insights - market forecasts, product innovation and consumer trends research
- The IWSR Company Profile 2014 – Remy Cointreau
- Diageo plc (DGE) - Financial and Strategic SWOT Analysis Review
- Global Tequila insights - market forecasts, product innovation and consumer trends research
- Beer, 2014 and the future