Greece's Frigoglass announced 2007 net profits in Q1 were up 22.5% to EUR 18.7M on solid growth in international markets, despite increased raw material costs. The company reiterated its full-year guidance. Sales for Q1/07 increased 14.9% to EUR 133.9M, boosted by the international growth of operations in Nigeria as well as by their diversification towards bottlers other than Coca-Cola HBC, said the company. EBITDA rose 13% to EUR 32.8M & earnings/per share grew 22.5% to EUR 0.47. Managing Director Dimitris Lois said: "Our 1Q results give us confidence that our superior sales execution, combined with strict cost control and continued focus on working capital management will enable us to meet our previously communicated full year guidance". Frigoglass is a manufacturer of cold merchandising products and container glass. It has operations in 17 countries.
