Gerresheimer: 3Q 2008 net loss widens

German glass and plastic packaging maker Gerresheimer AG said 15 October 2008 that its net loss widened to EUR 22.8 million (USD 31 million) in the 3Q 2008 from a loss of EUR 5.1 million in the year-e…

German glass and plastic packaging maker Gerresheimer AG said 15 October 2008 that its net loss widened to EUR 22.8 million (USD 31 million) in the 3Q 2008 from a loss of EUR 5.1 million in the year-earlier period. The loss was caused by writedowns of EUR 33 million on its technical plastics business, which is up for sale. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were 14.1% higher year-on-year to EUR 50.3 million for the 3Q. Adjusted operating profit more than doubled to EUR 16.5 million on sales rising 7.2% to EUR 268 million. CEO Axel Herberg maintained Gerresheimer“s 2008 outlook for annual growth in sales of 9% to 11% and an adjusted EBITTDA margin of 19.5%.