|
The soft drinks bottler also reinstated its forecast for the
year, expecting annual comparable operating profit between 740
million and 820 million euros, above market expectations.
Its shares rose 6% to 2,100 pence.
HBC is one of Coca-Cola's many bottlers worldwide and holds
local Coca-Cola franchises to bottle and sell drinks produced by
the U.S. beverage giant. Coca-Cola holds a more than 20% stake
in HBC.
Atlanta-based Coca-Cola Co in March joined an exodus of
companies from Russia in the wake of the Ukraine invasion, which
Moscow terms a "special military operation".
HBC said it has depleted its stock and stopped producing and
selling Coca-Cola products in Russia, once its largest market,
and would now have a smaller presence there.
Chief Executive Officer Zoran Bogdanovic told Reuters that local
brands like Dobry, Rich and Moya Semya remain profitable and are
self-sufficient as it does not partner with Coca-Cola Co for any
of its sales in the Russian market.
HBC's net sales revenue grew nearly 30% for the six months to
July 1, beating a company-compiled consensus of analysts
estimate of 3.95 billion euros, as emerging markets remained
strong. Comparable operating profit also beat expectations, but
net profit came in below estimates due to the charge in the
first half.
It expects financial charges of about 82 million euros in the
second-half related to its Russian operations.
Bogdanovic said the company has had to lay off employees in
Russia as it downsized its business there.
Switzerland-headquartered HBC's diverse portfolio ranges from
alcoholic beverages such as The Macallan and Jack Daniel's to
carbonated drinks Sprite and Monster Energy to Bambi biscuits
and wafers.
($1 = 0.9726 euros)
(Reporting by Amna Karimi in Bengaluru; editing by Uttaresh.V
and Emelia Sithole-Matarise)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
