Frigoglass announced earnings results for the second quarter and first half of 2018. For the quarter, the company did sales of EUR 142 million. Net profits from continuing operations was EUR 3 million compared to losses of EUR 22 million a year ago. Bottom line was impacted by impairment charges related to the performance of business in India, whereas last year losses were adversely affected by EUR 22 million onetime expenses related to the capital restructuring process.

For the first half, sales increased by almost 22% to EUR 248 million. For the first half, the company reported marginal profits at EUR 0.6 million compared to losses of EUR 32 million the prior year period Following the strong second quarter, the solid top line growth combined with productivity measures resulted in 35% year-on-year EBITDA increase to EUR 23 million in the quarter. EBITDA margin increased by approximately 150 basis points to 16.3% due to volume growth and favorable sales mix. Adjusted free cash flow reached EUR 18.5 million in the first half of the year, driven by EUR 20 million cash generation during the second quarter. Compared to last year level of EUR 6.2 million, the significant year-on-year improvement mainly reflects the incremental EBITDA in the quarter. As planned, capital expenditure were higher compared to last year settling at EUR 7 million.

For 2018, the company continues to expect sales growth.