As per reports, Coca-Cola HBC AG informed that it incurred a one-time hit of 190 million euros ($195.36 million) in the first half due to costs related to its business in Russia after it halt the sale of Coca-Cola drinks in the country following the Ukraine war. Coca-Cola holds more than a 20% stake in HBC.
HBC is one of Coca-Cola’s many bottlers worldwide and holds local Coca-Cola franchises to bottle and sell the drinks. The London-listed firm, which once counted Russia as one of its biggest markets, expects to sustain financial charges of about 82 million euros in the second half as it no longer plans to produce or sell Coca-Cola or other brands of the Coca-Cola Company in Russia.
HBC also reported a 34% fall in net profit at about 153 million euros for the six months ending July 1, hit by the charges.
Dow 30 Component, The Coca-Cola Company (KO), is the largest total beverage company in the world. It offers 500 plus brands in over 200 countries and is committed to reducing sugar in its drinks and providing new and diverse drinks to people everywhere. To learn more about The Coca-Cola Company (KO) and to continue to track its progress please visit the Vista Partners Coca-Cola Company Coverage Page.