Vidrala to raise prices after gas costs hit profit
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, VidralaVidrala to raise prices after gas costs hit profit
Vidrala plans to raise the price of its bottles after soaring natural gas costs hit its profitability in the first nine months of the year.
Vidrala’s net profits have fallen due to increasing natural gas prices.
Despite its revenues rising 24% in January-September from the same period a year ago, its net profit per share fell 37%.
The company said the higher bottle prices will help gradually raise its operating margin in the fourth quarter.
Vidrala expects earnings before interest, taxes, depreciation, and amortisation to represent 20% of sales in the fourth quarter up from 15.6% in the first nine months this year.
Vidrala said it expected demand for glass bottles to remain strong.
Higher bottle prices will feed into Spanish inflation, which has dipped over the past two months from a three-decade high of 10.8% in July.
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