Austrian glass products maker Riedel Glas generated sales of EUR 90M in 2003, up 3% year-on-year, despite unfavourable exchange rates and market conditions in Europe, it was reported in April 2004. The firm's return on equity rate rose to 71% compared to 65% a year earlier. The company have a worldwide staff of 350 and is targeting turnover of EUR 96M in 2004, said CEO Georg J Riedel. Riedel produced some 7.8M items of glass, of which 600,000 were handmade/mouthblown, at its two production units in Austria. In 2003, Riedel Glas saw its biggest sales increase in the US and Japan, but profits on those markets fell because of the unfavourable exchange rates. A decline in sales was recorded in German-speaking countries. Riedel plans to further expand its retail chain, and will open stores in Zurich and Zug, Switzerland, in the short term.
