Coca-Cola HBC 1st Half Net Profit Rose Above Pre-Pandemic Levels; Performance Beat Expectations
August 12 2021 - 2:45AM
Dow Jones News
By Jaime Llinares Taboada
Coca-Cola HBC AG on Thursday reported its first-half net profit
rose from a year earlier, when the Covid-19 pandemic hurt
revenue.
The FTSE 100 Coca-Cola bottler, which is 23% owned by Coca-Cola
Co., made a net profit of 233.1 million euros ($273.6 million) in
the six months ended July 2. This was up from EUR124.0 million in
the first half of 2020 and from EUR195.1 million in the first half
of 2019.
Operating profit increased 73% to EUR350.1 million, beating the
market consensus of EUR292.1 million--taken from Vuma and averaged
from 15 analysts' estimates.
Revenue was up 15% at EUR3.25 billion, as volumes rose 14% to
1.13 billion unit cases, the company said.
"We are encouraged by the strength of the performance, and while
conscious of the risks as the Covid-19 pandemic continues to impact
our markets, we continue to expect a strong recovery in FX-neutral
revenues and now believe that we can achieve a 20-30bps EBIT margin
expansion this year," Chief Executive Zoran Bogdanovic said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
August 12, 2021 02:33 ET (06:33 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Coca Cola HBC (PK) (USOTC:CCHGY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Coca Cola HBC (PK) (USOTC:CCHGY)
Historical Stock Chart
From Jul 2023 to Jul 2024