Coca-Cola HBC AG said it lost 190 million euros in the first half of the year after exiting the Russian market due to sanctions. The words of the company are quoted by the international news agency Reuters.
Coca-Cola HBC AG (CCH.L) said on Thursday that it suffered a one-time hit of 190 million euros ($195.36 million) in the first half. This is due to the cessation of the sale of Coca-Cola drinks in Russia, ”writes Reuters.
It is also reported that Coca-Cola’s losses due to leaving Russia will not end there. The soft drink maker, which once considered Russia one of its biggest markets, also expects to endure a financial cost of around 82 million euros in the second half of the year as it depleted all of its inventories and will no longer make or sell Coca-Cola (KO .N) or other brands of the Coca-Cola Company in Russia,” the news agency claims.
The Coca-Cola Company announced the suspension of work in Russia after the start of a special operation in Ukraine. The company’s distributors stated that the drinks would no longer be produced and sold in the Russian Federation. In addition, according to the Ministry of Agriculture of the Russian Federation, the possibility of importing drinks through parallel imports is also not considered.