Glaston Publishes January-June 2011 Interim Report
August 12, 2011

Helsinki-based Glaston Corp. published its January 1–June 30, 2011, financial results on August 11. Consolidated net sales January-June totaled $107.5 million USD (75.9 million EUR) and second-quarter net sales were $58.9 million USD (41.6 million EUR).

Due to positive performance by the Services and Software Solutions segments, the company saw an operating result in January-June that was a profit of $0.5 million USD (0.4 million EUR).

Company officials expect that 2011 net sales will be at least at the 2010 level and that the operating result will return to profit.

“For Glaston, the first half of the year proceeded according to plan,” says Arto Metsänen president and chief executive officer. “Our operating profit for the first six months was positive. This is indicative of the effectiveness of our restructuring measures, because we have not received much assistance from the market for our improved financial performance.

“In the second quarter, economic uncertainty increased and the market outlook for the latter part of the year is less stable,” Metsänen continues. “We are monitoring market development closely and we have faith in our own measures in future, too; we will continue our work to improve profitability and complete our restructuring. We will have strong focus on services, software solutions and tools, all sectors that do not require significant investments by the customers.”

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