Swiss packaging maker Vetropack said on 29 August 2003 it was positive about the outlook for the full year after more than doubling 1H net profit to CHF 20 million (USD 14 million). Sales are up as a …
Swiss packaging maker Vetropack said on 29 August 2003 it was positive about the outlook for the full year after more than doubling 1H net profit to CHF 20 million (USD 14 million). Sales are up as a result of the summer heatwave across Europe. The glass containers manufacturer said sales rose 9.2% to CHF 226.8 million in the first six months, boosted by the acquisition of a glass factory in Slovakia. It said all its factories were running at or near maximum output in the first six months as demand for glass bottles rose because of the unusually hot weather, which lead to higher beverage consumption. Vetropack said it sold 1.6 billion glass containers in the 1H, 6.9% more than a year ago. The company said 1H operating EBIT earnings rose to CHF 27.7 million from CHF 19.2 million. The firm said it expected demand from the food industry for glass packaging in the 2H to fall below the level of 2002 after the hot summer hit agricultural output. However, Vetropack said it still expected a clear improvement in earnings, helped by its investments in eastern Europe.