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Hellenic Bottling: 1999 pre-tax earnings down

Greece“s Hellenic Bottling group earnings before taxes and after minorities fell 2.3% to Dr 42.3 billion (US$ 124.2 million) in 1999, the company said in a statement.
“These results include the capi…

Greece“s Hellenic Bottling group earnings before taxes and after minorities fell 2.3% to Dr 42.3 billion (US$ 124.2 million) in 1999, the company said in a statement. “These results include the capital gains from the reduction of our participation in Frigoglass amounting to Dr 5.4 billion as well as the impairment charge of 2.7 billion related to our operations in Russia,” it said. The consolidated EBITDA stood at Dr 76.6 billion, unchanged from 1998, while revenues were slightly higher than last year and underlying volume was 7% lower, it said. “In Greece, profits increased by 2% amounting to Dr 31.5 billion, despite the effect of the negative publicity associated with product withdrawals in Belgium and France,” it said, while in Ireland, “profits were 16.4 billion showing a very significant growth versus prior year.” Bulgaria contributed Dr 2.8 billion, continuing its satisfactory performance while persisting difficult market conditions in Nigeria resulted in a loss of 1.2 billion. “Our share of profits in the Former Yugoslav Republic of Macedonia amounts to Dr 1.1 billion, reflecting the improved business environment in the country,” it added. “Federal Republic of Yugoslavia reported a loss of Dr 1.2 billion. The effects of the Kosovo crisis and the subsequent UN led embargo continue to be evident in the local economy.” Operations in Romania posted a loss of Dr 3.2 billion on “the rapid currency devaluation and the slackening of demand” while losses in Russia, excluding the impairment charge, amounted to 6.7 billion, it said.

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