Commodities hike, tough economy hit Greek Coke bottler

Coca-Cola Hellenic , the world's second-largest bottler of Coca-Cola soft drinks, said tough economic conditions and a hike in input costs such as sugar and aluminium prices hit second quarter profit.
The company said it expected commodities prices to remain high throughout the year and that it would pass on to consumers a planned VAT increase on beverages in recession-hit Greece.
"Despite improved operating efficiencies, restructuring savings, and revenue growth management initiatives, high commodity prices combined with challenging economic conditions hindered our profitability," Dimitris Lois, the company's new chief executive officer, said in a statement.
"Q2 was the peak quarter with regard to input cost and we are expecting for the full year a low-double digit increase," Lois told Reuters.
The Athens-based company, which serves 560 mln consumers in 28 countries including Russia, Nigeria, Cyprus and Italy, reported a comparable second-quarter net profit of 147 mln euros ($210 mln), compared to analysts' 155.2 mln euro average forecast in a Reuters poll.
Comparable earnings before interest and taxes (EBIT) dropped 16% to 221 mln euros, missing analysts' 226.7 mln euros estimate.
CCH buys syrup concentrate from Coca-Cola Co and bottles and distributes drinks including Coca-Cola, Sprite and Fanta. Group sales volume rose 4% to 602.5 mln unit cases, slightly exceeding expectations, which stood at 595.6 mln.
In the first half, CCH posted a 28% profit drop to 146 mln euros, compared with 202 mln euros in the same period last year.
Lois said the company had no plans to open new plants.