Frigoglass SAIC on Thursday reported losses of 25.128 million euros in the first half of 2016. Group sales amounted to 239.7 million euros in the January-June period, down 9.6 pct compared with the same period last year, while EBITDA fell 11.1 pct to 28.04 million euros and adjusted net results showed a loss of 8.835 million euros from a loss of 3.96 million euros last year.
The group said a recovery in West European markets continued helped by increased demand for professional coolers ICOOL from Coca Cola bottlers (+27 pct compared with last year), but the market fell in Russia, while a currency devaluation in Nigeria hit the glass sector.
Nikos Mamoulis, chief executive of Frigoglass, commenting on the results said that the group decided to change its operating model in Asia, a move which will allow the improvement of the production base in the region, reducing costs and strengthen competitiveness in the long-term. Mamoulis said that the rest of the year, a weak commercial environment in Russia and adverse currency fluctuations will continue affecting Frigoglass’ results.
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