Zignago Vetro reports increased container glass demand

Italian container glass manufacturer Zignago Vetro Group reported improved financial performance for he first nine months of the year.

It said that so far this year the European food and beverage container market has shown signs of improved demand. The Italian food and beverage container market also grew in line with Europe in general.

The global cosmetics market continued the development of preceding quarters - particularly in certain product categories. The international perfumery markets also maintained the development seen in 2014.

The luxury segment of the perfumery market however featured stable demand and excess supply.

Overall, in the first nine months of the year the Zignago group strongly improved revenues on the basis of increased volumes.

The margin grew, although in the third quarter impacted by unsatisfying results in the high-end perfumery segment.

Financial highlights included increased revenue by 5.1% to €238.1 million, export revenues were €91.1 million (up 10.5%) amounting to 38.3% of total revenues. It reported a net profit of €19.3 million, an 8.1% margin, and an increase of 18.5%.

It said its capital expenditure of €37 million so far this year has included the refurbishment of two kilns and their related production plant.

In its outlook it reported that the improved market conditions in the first nine months of the year are expected to continue for the fourth quarter, and so good results are expected for the final quarter.