Coca-Cola Hellenic posts Q1 profit of $34 million
Greece's Coca-Cola Hellenic Bottling Company SA, the second biggest bottler of Coke in the world, said Thursday its profits soared in the first quarter following cost-cutting and restructuring.
CCHBC said in a statement its net profit reached euro25.4 million ($33.64 million), compared to euro1.9 million in January-March 2009. Revenue was unchanged at euro1.37 billion.
The company said it would continue to focus on cutting costs and improving productivity.
"We are encouraged by some early signs of stabilization in key countries, particularly across our emerging and developing markets," CEO Doros Constantinou said in a statement. "We remain cautious, however, given that the first quarter is seasonally less significant for our business and economic conditions continue to deteriorate in some countries."
CCHBC has operations in 28 countries across Europe, along with Russia, Armenia and Nigeria.
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