Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • Nikkei

    40,422.87
    +254.80 (+0.63%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Bitcoin USD

    70,742.60
    +1,566.63 (+2.26%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • FTSE Bursa Malaysia

    1,539.57
    +8.97 (+0.59%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

European Coke bottler sees signs of recovery after first-half profits slide

Bottles of Coca-Cola are displayed at a supermarket of Swiss retailer Denne in Glattbrugg

(Reuters) - Soft drinks bottler Coca Cola HBC AG <CCH.L> on Wednesday posted a drop in first-half profit due to coronavirus-led closures of restaurants, cinemas and other public places, while saying sales had recovered some momentum from April lows as lockdowns eased.

The company, which bottles and sells Coca-Cola Co <KO.N> drinks in 28 countries, said comparable operating profit fell 35.8% to 208.8 million euros ($246.49 million) for the six months ended June 26, beating company-supplied consensus of 191.7 million euros.

HBC said out-of-home volumes - which include sales at hotels, restaurants and cafes - during the initial weeks of lockdowns fell by 70%-90% but improved to declines of 25%-50% in May and June and 10%-40% in July.

The company's out-of-home channel typically accounts for slightly over 40% of its revenue.

ADVERTISEMENT

The Zug, Switzerland-based company said its retail sales improved since April, when performance was hit by some customer de-stocking.

HBC said it expects a negative impact for 2020 due to weaker consumer environment and tourist season, as well as the risk of a second coronavirus wave.

U.S.-based Coca-Cola Co owns a 23.2% stake in Coca-Cola HBC, according to Refinitiv data.

(This story corrects to "beating" consensus not "missing" in second paragraph)

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Ramakrishnan M.)