Ardagh: loss after restructuring costs

Irish glassmaking group Ardagh Glass dropped into the red during the first quarter of 2009 with a EUR 46 million loss due to a EUR 37 million restructuring charge related to redundancies.
Ardagh Glas…

Irish glassmaking group Ardagh Glass dropped into the red during the first quarter of 2009 with a EUR 46 million loss due to a EUR 37 million restructuring charge related to redundancies. Ardagh Glass is the third biggest glass container manufacturer in Europe, with 18% of the market. In a report to bond holders, Ardagh Glass said revenue for the three months to the end of March decreased 10% to EUR 284.4 million, from EUR 314.9 million in the same period of 2008. Earnings before interest, taxation, depreciation and amortization dropped almost 24% to EUR 48.2 million from 63.1 million. Ardagh Glass said that turnover within the Eurozone remained mainly flat during the quarter at EUR 168 million, even if revenue related to the glass container manufacturing business fell 5% to EUR 152.4 million. In the UK, turnover decreased 17%, or EUR 13.6 million, to EUR 66.7 million for the three-month period to the end of March 2009. The company has total borrowings of EUR 1.17 billion.