Local Coke bottler posts surprise loss
Coca-Cola Hellenic Bottling, the world’s second-largest bottler of Coke drinks, reported a surprise 1-million-euro loss yesterday, affected by higher commodity prices.
“Increasing commodity prices during our seasonally least significant trading period reduced our profitability for the quarter,” said CEO Doros Constantinou.
“While input costs will remain a challenge throughout the year, we expect trading conditions to improve as we move into our more important summer selling period during the second quarter,” he said.
Profitability was also affected by the timing of Easter – which fell during the second quarter this year but the first last year – during which the consumption of soft drinks traditionally increases.
Shares in the company dipped 1.38 percent to 17.85 euros yesterday, versus a 1.44 percent advance on the broader market.