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TURKEY: Rising input costs hit Coca-Cola Icecek H1 profits

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  • 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 has reported a drop in first-half profits, hurt by input cost pressure and foreign exchange volatility.

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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.


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