Greece's Frigoglass posts wider third-quarter loss (updated)

Frigoglass SAIC

11/11/2014 08:02

(Adds detail) 
    ATHENS, Nov 11 (Reuters) - Greek refrigerator maker 
Frigoglass  FRIr.AT  reported a 32 percent deeper third-quarter 
loss on Monday, hurt by higher taxes and lower spending from 
brewers in Russia. 
    The company, which sells coolers to beverage companies 
including to Coca-Cola HBC  CCH.L  and to brewers in Europe, 
said its third-quarter net loss widened to 10.8 million euros 
from 8.2 million euros in the same period last year. 
    Brewery customers in Russia reduced spending in the face of 
the country's deteriorating beer market, while higher taxes also 
weakened Frigoglass's results. 
    Sales rose 8 percent to 89.4 million euros, thanks largely 
to the company's glass bottle business in Nigeria, though 
depressed cooler sales are expected to continue in Europe for 
the rest of the year. 
    In an effort to cut costs, Frigoglass has said it will close 
its Turkish plant by the end of the year to cut costs. It is 
also exploring several options for its glass operations. 
 ID:nL6N0PT2M2  ID:nFWN0S408Q  
 
 (Reporting by Angeliki Koutantou; Editing by David Goodman) 
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436; 
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net)) 
 
Keywords: FRIGOGLASS RESULTS/