Greece“s Frigoglass said its 1999 consolidated pre-tax earnings fell 18% to Dr 3.6 billion (US$ 10.43 million).
“Total revenues reached Dr 64 billion showing significant growth versus 1998. The acqu…
Greece“s Frigoglass said its 1999 consolidated pre-tax earnings fell 18% to Dr 3.6 billion (US$ 10.43 million). “Total revenues reached Dr 64 billion showing significant growth versus 1998. The acquisition of Norcool has affected the consolidated results from May 1999,” Frigoglass said in a statement. Frigoglass said 1999 results were charged with additional financial expenses amounting to Dr 2.9 billion, related to the completion of the group“s Dr 24 billion investment programme. The programme was funded through bridge-financing, repaid with the funds raised from the company“s recent IPO. “The market for company products has been seriously affected by the crisis in food and beverage markets in Western and Eastern Europe during 1999,” said the company.