The Italian glass container manufacturer Avir closed 1996 with net profits of L 58.4 billion, compared with L 130.9 billion the previous year. The board has agreed to leave the decision on profit dist…
The Italian glass container manufacturer Avir closed 1996 with net profits of L 58.4 billion, compared with L 130.9 billion the previous year. The board has agreed to leave the decision on profit distribution to the shareholders“ meeting scheduled for 30 April (2 May if a second session is required). The lead company“s revenues fell to L 747 billion, against L 817 billion previously. Cash flow stood at L 116 billion, while the gross operating margin fell to L 176 billion from L 200 billion. Operating profits dropped to L 88 billion from L 142 billion while net assets rose slightly to L 395 billion from L 387 billion in 1995. At a group level, profits after tax fell to L 69.9 billion from L 102.1 billion. Consolidated income reached L 1,036 billion, down on 1995“s L 1,151 billion, and cash flow L 144 billion, compared to L 186 billion. Net assets rose to L 513 billion from L 473 billion. Avir“s controlling shareholder, Owens-Illinois of the United States, plans to launch a public offer to buy (OPA) for 21.12% of the company“s floating capital. The offer is to take place from 8 April to 22 May. The floor price has been set at L 20,932 per share.