The Istanbul-based company’s September quarter sales volume fell by 12.2% in Turkey and 22.9% in Pakistan from the previous year, it said in a filing yesterday.

Shares of Coca-Cola Icecek fell 7.1% to 45.12 liras in Istanbul yesterday, its biggest decline since May 2023.

The shares slumped as much as 4.8% today.

US fast food brands, owned by firms including McDonald’s Corp and KFC Holding Co, are among those facing a challenging operating environment in Asia, the Middle East, and some parts of Europe amid calls to boycott their brands due to perceived links to Israel amid the conflict in Gaza.

Many Muslims in the region changed their consumption habits since the war started, slashing demand for fast food from American retailers.

The company’s net income for the quarter dropped 61% from the previous year to 5.17 billion liras (US$151 million), missing the analyst estimates of 5.72 billion liras compiled by Bloomberg, a filing showed on Monday. It also lowered its guidance for net-sales-revenue growth.

“This quarter was shaped by a highly dynamic environment, yielding a mix of challenges in some markets and notable successes in others,” Onur Alturk, president of Beer Group and CEO of Anadolu Efes said in the report.

“While our consolidated performance came in slightly below expectations, we remain committed to our long-term strategy,” Alturk said.

The drinks bottling and distribution company sells beers and soft drinks in multiple countries.

The company did see volume growth of 1.3% in other international markets, driven by strong performance in Iraq and Azerbaijan, along with a recovery in Kazakhstan.