Coke Hellenic Reports Drop in Profit

By   2009-2-23 14:15:58

            ATHENS, Greece: Coca-Cola Hellenic Bottling Company SA on Tuesday
            said net profit tumbled 93 percent in the fourth quarter of 2008
            compared with the same period a year earlier because of the economic
            situation and bad summer weather.

            The company reported net profit of euro2.6 million (US$3.32 million)
            for the quarter, despite a 9 percent rise in revenue to euro1.59
            billion

            CCHBC said net profit for the full year was euro425 million, down 10
            percent.

            "For the full year, deteriorating economic conditions and
            unfavorable summer weather led to softer-than-expected volume
            growth," Coca-Cola Hellenic Managing Director Doros Constantinou
            said.

            "These factors together with higher commodity costs resulted in
            lower comparable operating profit for the full year. We expect the
            business environment in 2009 to remain highly challenging."

            CCHBC is one of the world's largest Coke bottlers and has operations
            in 28 countries.

            Copyright 2009 The Associated Press. All rights reserved. This
            material may not be published, broadcast, rewritten or
            redistributed.


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