Ardagh Glass profits slump by 37%
Profits fell to €6 million even though sales increased by 8% to €225 million. Higher expenses, interest charges and the write-off of exceptional items hurt the bottom line.
Operating profits excluding exceptionals were flat at €20.2 million. The firm, whose biggest shareholder is chairman Paul Coulson, paid out €2.3 million to cancel outstanding share options. Its interest bill increased by €2 million to €12.6 million as net debt soared 21% to €265m. Mr Coulson said the increased debt was down to a share buyback programme that cost €30m and high capital expenditure of €27m.
