By Keith Collins
Coca-Cola HBC AG on Wednesday said revenue and profit fell in the first half as the effects of the coronavirus pandemic took a toll.
Net profit declined to 124 million euros ($146 million) in the period from EUR195 million a year earlier. Pretax profit in the period was EUR167.2 million down from EUR260.8 million a year prior.
The bottling company reported net sales revenue of EUR2.83 billion in the six months ended June 26 compared with EUR3.35 billion a year ago.
Coca-Cola HBC attributed the decline in revenue to the effects of pandemic-related lockdowns on its out-of-home business, which it said typically accounts for slightly more than 40% of its revenue. The company said it has seen improvement in this segment as the lockdowns have been eased or reversed.
The company said strong cost controls in the first half led it to deliver EUR61 million of its planned EUR100 million of savings for 2020 in response to the crisis. Coca-Cola HBC said it expects to deliver the rest of the cost savings in the second half.