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Frigoglass Reported Increased Net Profit And Sales In Q1 2011

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Frigoglass said that the companys net profit increased by 85.3% in the first quarter of 2011. According to an announcement, consolidated net profit amounted to €8.7 million from €4.7 million the previous year. Operating profit (EBIT) advanced 65.5% for the quarter to €16.5 million, reflecting the strong rise in sales and the positive effect of operating leverage.

Frigoglass consolidated net sales increased 44.6% to €134.8 million for the first quarter of 2011. Growth was driven by Cool Operations, where sales increased 40.2% to €109.8 million. Sales at Cool Operations accounted for 81.4% of Q1 2011 consolidated sales, compared to 84% in the prior year. Glass operations advanced strongly to €25.0 million, up 67.8% on the comparable year period.

Petros Diamantides, Managing Director of the company, commented:

“The strong momentum that built during the course of last year has continued into the first quarter of 2011, with sales growth led by Europe. Western Europe posted a strong performance in the quarter, confirming its improving trajectory, whilst other regions sustained their demand levels.

Input costs during the quarter rose significantly but cost management initiatives helped deliver strong profit growth. Whilst we anticipate all regions to deliver sales growth in 2011, we expect input cost pressures to mount, impacting us as we move through the year.

We are pleased with the continued progress in our long term strategy, and whilst we are conscious of near term cost pressures, we remain confident in our ability to create further value for our shareholders through our strong global presence and relationships with the world’s leading beverage companies. Indeed, the acquisition of Jebel Ali last month, which evidenced the increasing strategic importance of glass to our Company as well as leaving us ideally positioned in the region for exports to Europe, Africa and Asia, highlights our strategy of actively pursuing growth opportunities around the world.”
 
*The full Q1 2011 report is attached.
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