Frigoglass sales jump 21.8 pct in H1 2018

Frigoglass sales jump 21.8 pct in H1 2018

Frigoglass said on Monday its sales increased 21.8 percent to 248.113 million euros in the first half of 2018, from 203.775 million in the same period last year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 36.3 percent to 36.415 million euros, operating earnings soared 60.6 percent to 24.365 million euros and net earnings from continuing operations totaled 577,000 euros from a loss of 31.969 million in the corresponding period last year.

Figures for the second quarter of the year showed Frigoglass’s sales rose 23.3 percent year-on-year to 142.449 million euros, EBITDA grew 35.4 percent to 23.286 million euros and operating earnings rose 44.7 percent to 16.110 million euros.

The company said its net profit from continuing operations climbed 2.8 million euros in the second quarter, compared with losses of 21.5 million the same period of 2017.

Commenting on the results, Frigoglass CEO Nikos Mamoulis said he was satisfied with the group’s performance in the second quarter and noted he expected an increase in sales on an annual basis, which combined with measures to cut costs would positively affect the company’s profit margin.

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