Coca Cola Hellenic Subsidiary Q1 Net Income Falls

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Nigerian Bottling Company (NBC) - a subsidiary of Greece-based bottling giant Coca-Cola Hellenic (CCH) - has reported Q109 net income of NGN1.05bn (US$7.2mn). The posting reflected a 9.45% year-on-year (y-o-y) decline. However, the fact that its gross profit increased by 20% y-o-y encourages BMI. Over the long-term, NBC should benefit considerably from our promising view on Nigeria's economic outlook. Through to 2018, we have forecast GDP growth to average 5.7% and its GDP per capita to increase by 166% and reach US$3,250, which should significantly beef-up per capita soft drinks consumption (we estimate per capita consumption to stand at less