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Consumers Packaging reports third quarter results

Canadian container glass group Consumers Packaging has reported a consolidated net loss of C$ 24.7 million, or C$ 0.61 per share, for the three months to 30 September 2000 on sales totalling C$ 421 mi…

Canadian container glass group Consumers Packaging has reported a consolidated net loss of C$ 24.7 million, or C$ 0.61 per share, for the three months to 30 September 2000 on sales totalling C$ 421 million. The company attributed the loss to the abnormally high cost of natural gas and other fuels and a charge of C$ 5.9 million, plus legal costs, for the settlement of a lengthy legal dispute involving US group Owens-Brockway. In the same quarter of 1999, the company reported a loss of C$ 8.9 million, or C$ 0.24 per share, on sales of C$ 453.2 million. According to John J. Ghaznavi, Consumers Packaging chairman and CEO, customers have now agreed to share the high cost of natural gas and other fuels, which is seen as the primary obstacle to profitability. Because of the normal seasonal cycle of the industry and the current effect of fuel costs, Ghaznavi forecast negative results for the final quarter of 2000 and improved results in 2001, although he cautioned that the high cost of fuels remains a major variable. For the nine months to 30 September 2000, the consolidated net loss amounted to C$ 30.1 million on sales of C$ 1.25 billion. For the first nine months of 1999, the company reported a loss of C$ 23.6 million on sales of US$ 1.23 billion.

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