Coca-Cola Hellenic Sees Downturn Hit Profits

Greece-based soft drinks producer Coca-Cola Hellenic (CCH) has reported a sharp drop in its profits for 2008 due to rising commodity costs and an unfavourable exchange rate. The firm's net profits fell by 10% to EUR425mn, well below average forecasts, and earnings per share fell by 11% to EUR1.16, below CCH's own target of EUR1.30. The firm has decided not to issue targets for 2009, suggesting that the uncertain economic conditions would make a profit outlook

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