Frigoglass announces 2010 financial results

Frigoglass consolidated net sales increased 31.9% for the full year to €457.2m, with sales in the fourth quarter increasing by 17.8%.

At a consolidated level, operating profit (EBIT) increased 67.7% for the full year to €49.3m, reflecting the effect of positive operating leverage, partly impacted by the dilution to profitability from the start-up phase of the US operation as well as in the fourth quarter by increased warranty and service provisions relating to the placement of new products.

Net profit increased to €20.5m for the full year, compared to €3.0m in the prior year after the €5.5m one-off special contribution tax. Adjusting for this, net profit in 2009 would have amounted to €8.5m.

Source: Frigoglass