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.