Swiss glass packaging manufacturer Vetropack Holding AG registered a 181.1% annual rise in net profit to US$ 36.5M in the 1H 2007, the company said 31 August 2007. The result beat analysts' forecasts, of US$ 22.9M. In March 2007, the company said it expected its 2007 net profit to be considerably higher than the record result it booked in 2005. EBIT in the 1H of 2007 jumped to US$ 48.6M, (US$ 19.3M). Vetropack attributed its current strong EBIT growth to the low result in the 1H 2006, which was hit by high energy & raw materials costs as well as expenses for maintenance & new acquisitions. Between January and June 2007, the company's EBIT margin rose to 16.9% from 8.2%. Sales went up 22% US$ 287.7M, fuelled by currency effects. Vetropack said it did not expect a further strong growth in sales in the 2H 2007. The new 380-tonne green glass furnace at the Gostomel plant in northern Ukraine will be completed by the end of the year, however, the additional capacity will not be enough to boost the company's sales over the period. Vetropack will also not be able to raise its sales in the 2H 2007 through additional sales from stock, due to the already low inventory levels, the company said.
