Frigoglass widens second-quarter loss on Russia weakness

Frigoglass SAIC

04/08/2016 07:12

ATHENS, Aug 4 (Reuters) - Greek refrigerator maker 
Frigoglass  FRIr.AT  widened its net loss in the second quarter, 
hurt by tough conditions in its key market Russia. 
    The company, which supplies Coca-Cola HBC  CCH.L  and 
European brewers, reported a net loss of 491,000 euros  
($547,000) in the second quarter versus a loss of 94,000 euros 
in the same period a year ago. 
    Frigoglass said soft demand for beer in Russia and currency 
headwinds in Nigeria will continue for the remainder of the year 
but the company will mitigate the impact by cost cutting. 
    Frigoglass, which has been facing financial difficulties due 
to lower demand for its products in Europe and in Nigeria, 
announced last month it will shut its Chinese plant by September 
and shift production to India and Indonesia to save costs. 
 ID:nL8N1A11AU  
    The move will lead to annual cost savings of about 2 million 
euros, starting from the last quarter of 2016, it said on 
Thursday. 
 
($1 = 0.8977 euros) 
 
 (Reporting by Angeliki Koutantou; Editing by Adrian Croft) 
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436; 
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net)) 
 
Keywords: FRIGOGLASS RESULTS/