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Frifoflass Posts Robust Net Increase In Q1

Frigoglass’ said Wednesday its Consolidated Net Sales in Q12010 increased 26.6%, to EUR93.2 million.

“This was driven by Cool Operations, where sales increased 39.5% to EUR78.3 million, partly offset by our Glass Operations in Nigeria, where Sales declined 14.8% in Euro terms in the first quarter,” the statement said.

Consolidated Operating Profit (EBIT) increased 85.5% in the first quarter to EUR10.0 million, “reflecting the positive operating leverage effect following the cost reduction initiatives that were undertaken last year,” the company said. 

Net Profit increased significantly in the first quarter, to EUR4.7 million compared to EUR0.6 million in the prior year period.

Net cash flow after operational and investing activities amounted to an outflow of EUR52.0 million compared to an outflow of EUR31.0 million during the first quarter of 2009.

“This was as a result of the strong sales performance leading to an increased level of receivables (trade debtors) and inventories,” the company said, expecting these positions to reverse during the course of the year.

Sales at Cool Operations accounted for 84% of total Sales in the first quarter, compared to 76% in the comparable prior year period, the announcement read.
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