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Jul 29, 2010 17:19 PM
Greece's Coca-Cola Hellenic Q2 profit hit by windfall tax
Greek bottler Coca-Cola Hellenic (CCH) said second-quarter net profit fell 11 percent, below market expectations, mainly due to a windfall tax in debt-laden Greece, according to the news agency Reuters.
Greece imposed a one-off tax on large firms' profit for 2009 in a bid to shore up revenues after the country signed a 110 billion euro deal with the EU and the IMF to pull itself out of a debt crisis. CCH, the world's second-largest bottler of Coca-Cola, reported comparable net profit of €172 million ($223.8 million) versus an average forecast of €177.9 million in a Reuters poll. The debt crisis levy which burdened CCH's second-quarter results was €21 million. "While economic conditions remain challenging in certain of our key markets, we are encouraged by some early signs of economic stabilization in a few of our countries of operation," CCH said in a statement. (bmg)
