Coca Cola falls flat in Ireland
Irish arm of drinks company posts pre-tax losses of €3.4m
The fizz went out of Coca Cola’s Irish business last year as the firm recorded pre-tax losses of €3.4 million. The results show the firm fell into the red ahead of Coca-Cola HBC Ireland Ltd announcing in January a voluntary redundancy programme concerning 75 job losses aimed at restoring the firm to profitability.
The losses last year follows profits of €18 million in 2011. A note attached to the accounts states that the redun- dancy programme is also a measure to optimise the firm’s cost structure and will cost about €5.6 million. It incurred the losses after revenues fell by €18.3 million from €186 million to €167.7 million in the 12 months to the end of December last.
Last year, the firm paid no dividend after paying out a dividend of €19 million in 2011 and dividends of €12 million in 2010. The figures show that, in spite of the revenue decrease, the firm’s cost of sales increased from €107.9 million to €111.4 million.