Coca-Cola İçecek Turnover Up But Income Hit By FX Crunch

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Turkey-based soft drinks giant Coca-Cola İçecek (CCI) has reported a 17% rise in year-on-year consolidated revenue for the 2008 financial year. Despite impressive volume growth, net profit fell by 47%. The company's bottom line was hit by financial expenses attributed to an unfavourable foreign exchange climate. While BMI's forecast that Turkey's GDP will contract by 5.7% in 2009 will certainly impinge on CCI's turnover potential, we note that the soft drinks industry (particularly the carbonates and bottled water segments) typically performs doggedly during periods of economic strain.