Coca-Cola HBC revenue falls on foreign exchange hit
LONDON – Soft drink bottler Coca-Cola HBC reported a decline in annual revenue on Friday, hurt by devaluations of currencies such as the Russian rouble.
The fall came despite Coca-Cola HBC seeing growth in its established markets for the first time in five years
The European company, which bottles and sells Coca-Cola (KO.N) drinks in 28 countries including Russia, Ukraine and Nigeria, said full-year revenue fell 2.5 percent to 6.35 billion euros ($7 billion). Foreign exchange rates reduced revenue by 5.1 percentage points.
Sales volume, which measures the amount of drinks sold, rose by 2.6 percent. Net profit fell 4.9 percent to 280.3 million euros. The company started life in Greece in 1969 but has moved its headquarters to Switzerland and its stock listing to London. -Reuters