ECONOMY

Coke bottler says profits are fizzling out

Coca-Cola Hellenic Bottling Company posted a 12 percent decline in profits last year, compared to the year before, as its net earnings came to 285 million euros.

The drop was the outcome of a major slide in sales in developed markets, the high cost of raw materials and the unfavorable changes in exchange rates, the company stated while announcing official figures for 2012 on Thursday.

Turnover in Greece alone contracted by 14 percent last year.

CCHBC expects the adverse conditions to persist into 2013, especially in developed markets, but with a smaller increase in raw material costs and a smaller impact from exchange rate fluctuations.

The company expects the public offer acceptance period regarding the acquisition of its shares by Coca-Cola HBC AG in Switzerland to start in mid-March.