Frigoglass says net profits up 573% in 2010

Frigoglass on Tuesday reported a spectacular 573-pct increase in its 2010 net profits to 20.5 million euros, up from 3.0 million euros in the previous year, reflecting a recovery in east European markets.

The company said operating earnings rose 67.7 pct to 49.3 million euros, reflecting the positive outcome of operating leverage, which was partly counterbalanced by the beginning of operations in the United States and higher provisions for guarantees and new product services in the fourth quarter of 2010.

Consolidated sales grew 31.9 pct to 457.2 million euros last year, after an increase of 17.8 pct in the fourth quarter.
Petros Diamantidis, chief executive of Frigoglass, commenting on the results, said the company managed to report strong results despite adverse economic conditions, “confirming our strategy, efficiency and the success of a restructuring programme implemented early during the economic crisis”.