Coca-Cola Hellenic net falls 5% in 3Q, slow growth in Russia

Coca-Cola HBC , the world's second biggest Coca-Cola bottler, reported a 5% drop in third-quarter net profit on Thursday due to slower growth in Russia and softer demand in markets hit by economic austerity measures.

The company said net profit excluding restructuring costs and other one-off items fell to 148 mln euros, broadly in line with analyst forecasts.

"We anticipate that trading conditions will remain difficult for the rest of 2013," CC HBC's Chief Executive Dimitris Lois said in a statement.

CC HBC buys syrup concentrate from Coca-Cola and then bottles and distributes the U.S. group's drinks in 28 countries from Russia to Nigeria, including Cyprus, where it closed its production plant last year.

Tough economic conditions in Greece, Italy, Hungary and Romania and slower growth in the bottler's biggest market, Russia, hit sales. Volume declined 3% to 575 mln unit cases, lower than analysts had forecast.

Significant cost savings offset some of the sales decline and foreign exchange losses.

Earlier this year, Coca-Cola HBC shifted its tax base from debt-laden Greece to Switzerland and moved its primary listing to London to improve access to capital markets.