Austrian manufacturer of glass packaging and industrial glass Stoelzle Oberglas AG has reported a decline in pre-tax profits from Sch 85 million, in the previous year, to Sch 53 million in 1995. The d…
Austrian manufacturer of glass packaging and industrial glass Stoelzle Oberglas AG has reported a decline in pre-tax profits from Sch 85 million, in the previous year, to Sch 53 million in 1995. The downturn was attributed to continued turbulence on the currency markets. Board member Otto Mayer added that the company“s principal clients were increasingly exerting downward pressure on prices. In addition, results were adversely affected by reduced consumer demand for bottled spirits. The turnover of the Austrian company, a subsidiary of Germany“s CAG Holding, declined slightly to Sch 882 million last year (Sch 885 million in 1994), whilst group turnover fell to Sch 1.15 billion. Cash flow slipped to Sch 178 million (Sch 198 million), while the total dividend payout is being reduced to Sch 35 million (Sch 40 million). A drop in sales in Austria and Germany was offset by increased exports to the UK, Denmark, Croatia and Slovenia and as a result, Stoelzle Oberglas increased its export ratio to 73% (71%). The company invested a total of Sch 214.1 million in 1995.