Frigoglass Q4 losses widens amid market challenges in Russia


Greek refrigerator maker, Frigoglass, said on Thursday that its fourth quarter losses grew due to tough market conditions in Russia.

Frigoglass, which supplies Coca-Cola HBC and other European brewers, reported a net loss of €15.9m ($18.02m) for the fourth quarter of 2015, as against €6.2m loss incurred in the same period in 2014.

Turnover also fell by 29.5% to €89.9 million.

The company announced in late February that it was pulling out of a deal to sell its 75% stake (valued at $225m) in Beta Glass Plc, a company based in Nigeria and Dubai to GZ Industries Limited in what it described as a failure of the prospective buyer to secure the necessary financing for the deal.

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