Frigoglass Q1 turnover falls by 15.1 pct to 101.9 mln euros

Frigoglass SAIC

31/05/2016 06:40

ATHENS, May 31 (Reuters) - Greek refrigerator maker 
Frigoglass  FRIr.AT  reported on Tuesday a 15.1 percent drop in 
its first quarter turnover to 101.9 million euros ($113.44 
million) compared to the same period last year. 
    The decline in the turnover was mainly driven by a double 
digit sales decline in Eastern Europe and lower demand for glass 
containers in Nigeria, as well as the difficult macroeconomic 
and trading conditions in Russia, the company said. 
    Frigoglass, which supplies Coca-Cola HBC  CCH.L  and other 
European brewers, saw its net losses attributable to 
shareholders widening to 8.3 million euros for the quarter 
versus 3.9 million euros in Q1 last year.  
    Its earnings before interest, taxes, depreciation and 
amortization (EBITDA) also fell by 10.6 percent to 10.7 million 
euros for the quarter. 
    "Volatility is expected to persist due to near-term economic 
uncertainty, most notably in Russia and Nigeria. In this 
environment, we remain focused on the elements of our business 
that we can control... We continue to implement strict cost and 
capital spending discipline across Frigoglass," Nikos Mamoulis, 
its chief executive officer said. 
    ($= 0.8983 euros) 
 
 (Reporting by Lefteris Karagiannopoulos) 
 ((lefteris.karagiannopoulos@thomsonreuters.com; +30 
2103376443;))