Frigoglass reports nine-months results

At a consolidated level, operating profit (EBIT) increased 79.6 percent in the first nine months, to EUR 40.6 million, reflecting the effect of positive operating leverage owing to a combination of improved top-line momentum and the rationalisation of the cost base. Net profit increased 192.0 percent in the first nine months, to EUR 19.0 million.

Petros Diamantides, Managing Director, Frigoglass, commented: "The positive momentum that we witnessed during the first half of 2010 accelerated, delivering our strongest ever third quarter result. ICM sales have led the way, with Eastern and Western Europe performing well, while Glass is resuming its upward trend.

Looking ahead, we continue to be aware of the ongoing economic weakness in many of the world’s developed markets, together with increasing pressures in raw materials, but remain confident that our market execution will enable our platforms for growth to progress further."