“The highly challenging economic conditions which has resulted in a decline in consumer spending and a contraction of the nonalcoholic ready-to-drink category across most of our markets. The benefits of increased pricing and reduced operating costs, were more than offset by lower volumes and unfavorable currency movements”, said the representatives of the company.

In the developing markets, Coca Cola Hellenic sales dropped 2% in the second quarter, down to 276.7 million euro, while operating profit increased by 17% to 116.2 million euro in the period under review.

Net sales revenue declined by 8% reflecting a negative currency impact.

A similar performance was observed in the soft-drink maker’s operations in Russia, where sales sank 7% year-on-year. In the second quarter, sparkling beverages declined in the mid-single digits, with the juice category declining in the high teens.

Group-wide, the sales volume increased by 1% in second quarter, up to 592.6 million euro. Furthermore, the operating advanced by 9% YoY, while after-tax profit stood at 193.5 mn euro, up 7%.

Coca-Cola Hellenic intends to continue focusing on implementing cost reduction and restructuring programs aimed at improving operational efficiencies.