Russia takes toll on earnings at Greece's Frigoglass (updated)

Frigoglass SAIC

31/03/2016 10:06

* Q4 net loss widens, Q4 sales down 
    * Russian economic environment to hit Q1 2016 
    * Shares 3.7 percent higher at 0902 GMT 
 
 (Adds CEO statement, full-year results) 
    By Lefteris Karagiannopoulos 
    ATHENS, March 31 (Reuters) - Greek refrigerator maker 
Frigoglass  FRIr.AT  said on Thursday its fourth-quarter loss 
widened year-on-year due to tough conditions in Russia, and 
warned of a continuing impact. 
    Frigoglass, which supplies Coca-Cola HBC  CCH.L  and 
European brewers, said that Russia and Nigeria weighed on its 
results and will continue to do so in the first quarter of 2016. 
    "However, we are cautiously optimistic we can achieve 
top-line growth and through an accelerated focus on improving 
efficiency and reducing cost, expand margins for the full-year," 
Chief Executive Officer Nikos Mamoulis said in a statement. 
    Frigoglass reported a net loss of 15.9 million euros ($18 
million) for the fourth quarter last year, versus a loss of 6.2 
million euros in the same period a year ago. 
    Turnover also fell by 29.5 percent to 89.9 million euros. 
    For the fiscal year ending Dec. 31, the company's turnover 
and net loss mirrored the quarter with sales of 453.9 million 
euros, a fall of 6.8 pct year on year, and a net loss of 36.5 
million euros against 20.4 million euros in 2014. 
    (0.8821 euros) 
 
 (Editing by Angeliki Koutantou and Alexander Smith) 
 ((lefteris.karagiannopoulos@thomsonreuters.com; +30 
2103376443;)) 
 
Keywords: FRIGOGLASS RESULTS/