Greece’s Coca-Cola Hellenic Bottling Co. (CCH) Thursday missed expectations with an 18% drop in second-quarter net profit as higher commodity prices and weak economic growth weighed on earnings.
“Despite improved operating efficiencies, restructuring savings, and revenue growth management initiatives, high commodity prices combined with challenging economic conditions hindered our profitability,” said Chief Executive Officer Dimitris Lois in a statement.
“Commodities are still expected to increase by low double digits for the year. We remain committed to recover a substantial portion of this increase,” he added.
(source: capital)
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