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Coca Cola HBC, one of Europe's largest drink bottlers, has reported record profits despite its American counterpart reporting a loss yesterday.

Greek Coca Cola Hellenic Bottling Company (Coca Cola HBC) reported a rise in profit of eight per cent for the year with net sales revenue growing by 17 per cent. The company moved over 1.7 billion unit cases of drinks, 11 per cent up from 2005.

The report for the European Coke bottler was vastly different to yesterday's results report by north American counterpart Coca Cola Enterprises, which reported losses blamed on a culture shift away from carbonated beverages.

Coca Cola Enterprises, which is the largest bottler of Coca Cola products worldwide, lost $3.59 (£2.40) per share on the US market, or $1.7 billion (£850 million).

The company's chief executive, John Brock, said that their "financial performance was below the level we believe our organisation can produce over the long-term" and added that the company was set to cut about 3,500 jobs.

Comments by Coca Cola HBC's chief executive today were more optimistic.

"I am pleased to report continued strong performance in 2006, representing the sixth consecutive year of double-digit underlying earnings per share growth since Coca Cola HBC was formed," Doros Constantinou said.

Mr Constantinou said the company was addressing health concerns, with 33 per cent of its total group volume now being dominated by non-carbonated drinks. It also acquired Fonti Del Vulture, an Italian water business, and Fresh & Co, the leading juice producer in Serbia in 2006.

"We also expanded our territorial reach to include Cyprus, whilst entering the dairy segment in this market through the acquisition of Lanitis Bros," he said.