Vidrala's 9-month net profit more than doubles, shares soar (updated)

Vidrala SA

18/10/2023 08:20

(Adds share price, details, guidance)
       Oct 18 (Reuters) - Shares in Vidrala  VID.MC  jumped on
Wednesday morning after the Spanish glass bottle maker said its
net profit in the first nine months of the year more than
doubled as it increased prices and energy costs fell.
    Vidrala's net profit rose to 185 million euros ($196
million) from 78 million euros in the same period a year
earlier.
    The company said its profitability had recovered from a hit
last year when energy prices, such as for natural gas, jumped 
following Russia's full-scale invasion of Ukraine.
    Its shares were up 5.2% in early Madrid trading. 
    Vidrala said demand for glass bottles and jars had weakened
recently due to an uncertain macroeconomic environment, with
some customers reducing their inventories.
    The company said it continued to expect double-digit revenue
growth despite the slower than expected increase in demand and
still sees earnings before interest, taxes, depreciation and
amortization representing 25% of sales this year.
    ($1 = 0.9453 euros)

 (Reporting by Matteo Allievi and Marta Serafinko
Editing by Inti Landauro and Mark Potter)
 ((matteo.allievi@thomsonreuters.com))