Results for the Nine Months ended 30th September 2011 (IFRS)
Frigoglass Reports Nine Months Results
Athens, November 10th, 2011:
|
Financial Results (in '000 Euro) |
9M11 |
9M10 |
% Change |
|
Sales |
438,566 |
346,615 |
26.5% |
|
EBITDA |
65,069 |
59,404 |
9.5% |
|
Operating Profit (EBIT) |
44,218 |
40,570 |
9.0% |
|
Net Profit |
19,459 |
19,021 |
2.3% |
Petros Diamantides, Managing Director, Frigoglass, commented:
"Frigoglass is pleased to report continued progress for the first nine months of 2011. Cycling 37% growth in the prior year, we are delivering a 27% increase so far this year and one of the strongest third quarters in our Cool business demonstrating both the value of our well-positioned geographic portfolio as well as the depth of the ability to execute across our customer segments. Glass has also recorded 24% growth in its strongest nine month period ever.
We continue to operate in a high input cost environment which together with a number of one-off factors have masked the strength of our underlying performance in terms of positive operational leverage and cost control.
Looking ahead, we expect solid top-line growth in the fourth quarter, although we anticipate input cost inflation will continue to weigh on margins and the macro-economic landscape of key European markets will remain uncertain. We remain confident that our strong market execution, geographic diversity, sector leading position, authentic relationships with the world's leading beverage companies and a continuing focus on operating cost reduction positions us to deliver further progress going forward and value for our stakeholders."
