ECONOMY

Frigoglass sales, profit up

frigoglass-sales-profit-up

Listed glass packaging firm Frigoglass saw sales and operating profit rise in the second quarter.

Sales rose rose 45.3% from the same period in 2020, to €105.71 million, but half-year sales were down 3.4% on 2020.

Operating profit almost tripled, to €10.44 million, from €3.9 million in the second quarter of 2020. The net result, however, showed a loss of €12.24 million from €3.85 million in the second quarter of 2020. This was in large part to a fire that significantly damaged the company’s factory in Romania, forcing expenditure of €13.8 million.

Production has been shifted to Russia and the Romanian factory will be rebuilt, the company said.