“We improved profitability in the quarter, primarily reflecting the benefit from earlier cost-cutting programmes and the favourable effect of currency movements,” said Doros Constantinou, CEO of Coca-Cola Hellenic. “This result was achieved amidst a challenging economic environment, with weak consumer sentiment and uncertain financial markets continuing to adversely affect consumer spending across several of our markets. This led to a further volume decline in the quarter. However, the rate of decline slowed compared with the prior quarter.
“We’re encouraged by some early signs of stabilisation in key countries, particularly across our emerging and developing markets. 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. Our focus on cash flows continues to yield results for our business, while ongoing financial discipline is expected to support profitability over the balance of the year.
“While we expect the pace of recovery across our markets to be uneven, we remain confident in our ability to effectively execute our strategy in the market place for long-term growth.”
Read the full Coca-Cola Hellenic financial statement here.
Source: Coca-Cola Hellenic
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