Owens-Illinois owned Avirunion, one of the two largest Czech packaging glass producers, saw preliminary unaudited gross profit for 2002 fall to CZK 3.65 million from CZK 86 million in 2001, mainly due…
Owens-Illinois owned Avirunion, one of the two largest Czech packaging glass producers, saw preliminary unaudited gross profit for 2002 fall to CZK 3.65 million from CZK 86 million in 2001, mainly due to the strong Czech crown, said CFO Tomas Hrabak on 29 January 2003. By contrast, sales rose 4.7% to CZK 1.831 billion. Hrabak said the strengthening currency reduced profits by some CZK 30-40 million. Avirunion exports about 40% of its output, mostly to the EU. Output was up by 8%. Avirunion makes some 600 million units of glass packaging annually, mainly beer and wine bottles and food containers. The company plans to raise output planned by 5% in 2003 and exports also will be boosted because the domestic market is too small, Hrabak added. Avirunion employs around 600. Owens-Illinois owns 100% of its shares through Italian Avir S.p.A.