Chilean conglomerate Cristalerias de Chile SA reported on 10 May 2004 a sharp drop in net profit for the 1Q 2004. The company blamed falling earnings, particularly at its glass container business.
Ne…
Chilean conglomerate Cristalerias de Chile SA reported on 10 May 2004 a sharp drop in net profit for the 1Q 2004. The company blamed falling earnings, particularly at its glass container business. Net profit plunged 40.5% to CLP 2.57 billion (USD 1= CLP 642.00) from CLP 4.32 billion in the 1Q 2003 after an 11% fall in sales at the glass container unit, as well as a 2.3% drop in sales at winery Santa Rita, and an increase in non-operating losses to CLP 1.32 billion from CLP 1.05 billion. Losses from the company“s media holdings were down. Sales were CLP 33.61 billion, down 5.0% from CLP 35.37 billion, while its operating income decreased by 22.1% to CLP 5.33 billion from CLP 6.84 billion. Unless stated otherwise, all comparisons are with the 1Q 2003.