Coca-Cola Hellenic Bottling Company saw its profits soar in the first quarter, boosted by cost cutting measures and its restructuring last year.
For the three months ended 2 April, the Greece-based bottler earned EUR25.4m (US$33.7m) compared to EUR1.9m in the prior year.
Revenue remained flat at EUR1.37bn, while operating profit increased 20% to reach EUR43.4m.
The company said it would continue to focus on cutting costs and improving productivity.
“We improved profitability in the quarter, primarily reflecting the benefit from earlier cost cutting programmes and the favourable effect of currency movements,” said Doros Constantinou, CEO. “This result was achieved amidst a challenging economic environment, with weak consumer sentiment and uncertain financial markets.”
Constantinou added: “We will continue to maintain a tight focus on driving productivity improvements and reducing operating costs. With an ongoing commitment to managing the business for growth, we plan to increase our level of marketing spend over the next three years.”
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