ECONOMY

Frigoglass profit jumps on growth in eastern Europe

Greek drink refrigerator equipment maker Frigoglass said on Tuesday net profit jumped last year on the back of growth in eastern Europe.

The world’s largest refrigerator equipment maker, which supplies bottler Coca-Cola Hellenic and brewers such as Heineken, said net income was 20.5 million euros in 2010 up from 3 million a year earlier.

Sales rose 32 percent to 457 million euros, with turnover from eastern Europe and western Europe up 89 percent and 9.7 percent respectively.

“During the year we witnessed continued positive trends from the emerging economies, whilst we began to see signs of recovery in some of our European markets,» Chief Executive Officer Petros Diamantides said in a statement.

Piraeus Securities said the net profit figure was slightly disappointing but that sales were in line with expectations.

The brokerage kept its outperform rating on Frigoglass share, which remain among its top picks.

Frigoglass has plants in Romania, Russia, Greece, Turkey, India, China, Indonesia, South Africa, Nigeria and the United States. It also operates two glass bottle units in Nigeria.

Shares in the company were down 1.90 percent at 10.82 euros in late trade on the Athens bourse, versus a 2.83 percent dip in the broader market.