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Frigoglass Sees Growth in 2011, Concerned by Material Costs

Feb. 22 (Bloomberg) -- Frigoglass SA, a supplier of custom-made refrigeration equipment to brewers and soft-drink makers, expects profit to grow again this year after posting an almost six-fold increase in 2010, said Managing Director Petros Diamantidis.

“We do expect that in 2011 we will see a continuation of the positive momentum that we have seen in 2010,” Diamantidis said in a telephone interview today. “We can confirm that 2011 will be another growth year for us.”

Net income last year rose to 20.5 million euros ($27.8 million) from 3 million euros in 2009, according to an e-mailed statement today. Revenue increased to 457.2 million euros from 346.7 million euros.

Frigoglass is concerned about rising commodity prices with copper trading at historical highs, Diamantidis said.

“For 2011, input costs will be one of the important challenges we will have to face,” he said.

Copper for delivery in three months advanced 32 percent in the last year, falling 1.4 percent today $9,670 a metric ton by 9:36 a.m. on the London Metal Exchange.

Asia and Oceania sales gained 18 percent to almost 89 million euros. The company is “quite pleased” with its presence in Asia and Africa, Diamantidis said. Financial flexibility will allow Frigoglass to continue pursuing “attractive opportunities,” he said, without giving any details.

Sales in Eastern Europe advanced 89 percent to 131.4 million euros, primarily driven by Russia. Revenue in Africa and the Middle East rose 21 percent to 75.4 million euros.

The company plans to invest about 38 million euros this year in machinery upgrades and to optimize efficiency and capacity, according to the statement.

To contact the reporter on this story: Tom Stoukas in Athens at astoukas@bloomberg.net.

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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