Glaverbel Group in the first quarter

Against the background of a slowdown in the economy, the Group's performance in the first quarter of 2002 was in line with its forecasts, i.e. slightly down on the results for the corresponding period in 2001.

Consolidated sales in the first quarter amounted to EUR 468.5 million, compared with EUR 453.8 million one year previously. This represents a rise of 3% (or a decrease of 3% for the same consolidation scope)*, thanks mainly to the contribution by Bor Glassworks (RU). Also during the first quarter, the operating income amounted to EUR 55.9 million, compared with EUR 60.6 million last year, down by 8% (or 14% for the same consolidation scope). The net income (Group's share) amounted to EUR 32.3 million, down 11% compared with the first quarter of 2001.

The Building division suffered a contraction in activity, leading to a fall in volumes and prices whose effects could not be entirely offset by the growth in sales of products with high added value. This led to a decline of 18% in the operating income.
The Automotive division for its part enjoyed strong profitability growth from one quarter to the next (an increase of 27%), with a good volume of activity. However, during the first quarter of this year there was a relative slowdown in its operational recovery plan, with the startup of new production facilities.
The Industries division recorded a slight decrease in its operating income, mainly due to the contraction in the furniture market. More on the source link bellow.

600450 Glaverbel Group in the first quarter
Date: 1 May 2002
Source: Glaverbel

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