GREECE: Coca-Cola Hellenic's H1 hit by Europe-wide woes
- H1 net profits drop by 25% to EUR109m (US$135m)
- Net sales edge up by 1% to EUR3.4bn
- Operating profits (EBIT) fall by 27% to EUR169.9m
- Volumes drop by 2% to 1.01bn cases, flat in emerging markets
Coca-Cola Hellenic is still suffering from the gloom in Europe
Coca-Cola Hellenic Bottling Co has reported a 25% drop in first-half profits as "macroeconomic uncertainty" in its EU markets continued to affect the business.
Net profits fell by 25% to EUR109m (US$135m) in the six months to the end of June, the Athens-based group announced today (21 August). Net sales edged up by 1% to EUR3.4bn in the period.
Operating profits (EBIT) fell sharply by 27% to EUR192m, as volumes slipped by 2% to 1.01bn cases.
In Q2, net profits dropped by 13% EUR127.8m, while sales edged up by 1% to EUR2bn, in the three months to the end of June.
The group, the world's second largest bottler of Coca-Cola soft drinks, said that a combination of lower volumes and "unfavourable foreign currency movements" hit its profits.
Dimitris Lois, CEO of Coca-Cola Hellenic, which operates in 28 countries, said the firm "continued to win" in the marketplace, despite operating in an "increasingly volatile and challenging external environment".
He added: "We continue to witness prolonged macroeconomic uncertainty in all of our EU markets."
Looking ahead, Lois said: "The pressure from input costs is expected to ease in the second half of the year, though almost all of the benefit is expected to be offset by increasing pressures from unfavourable exchange rate movements."
Shares in the group are currently up by 0.89% at EUR14.78 on the Athens Stock Exchange.
To read the company's official statement, click here.
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