Spain's Vidrala posts 25% net profit growth until September (updated)

Vidrala SA

25/10/2024 06:57

(Adds guidance, sales and context from paragraph 3 on)
       Oct 25 - Spanish bottle maker Vidrala  VID.MC  said on
Friday its net profit increased 25% from January to September
compared to one year ago amid a gradual demand recovery and
after entering into new markets following the acquisition of
Brazil's Vidroporto.
    Vidrala posted a net profit of 232.1 million euros ($251.3
million) over the period compared to 184.6 million euros one
year ago. 
    Following more than one year of destocking, demand has been
stabilising among glassmakers' clients, although at a slow pace,
as the European economy struggles to get out of stagnation. 
        Vidrala reiterated its full-year core profit guidance of
over 450 million euros announced in April. 
  
    From January to September, sales increased 2% from one year
ago to 1.22 billion euros on a reported basis, driven by growth
in the Brazilian market.
        The Iberia region and the rest of Europe - including
Britain - still accounted for around 85% of the group's sales. 
  
    ($1 = 0.9238 euros)

 (Reporting by Matteo Allievi, editing by David Latona)
 ((matteo.allievi@thomsonreuters.com))