Glaston Reports Q1 Operating Loss
Glaston Corp. released the summary of its January-March 2014 interim report, indicating a slow start to the year.
Key points include:
- Orders received in January-March totalled $28.8 million.
- Consolidated net sales in January-March totalled $26.4 million.
- The operating result was a loss of $3.4 million, or a 12.8 percent loss of net sales.
- Glaston expects net sales and operating profit to grow in 2014.
“Seasonal fluctuations are typical in Glaston’s industry and the first quarter is traditionally quiet," said Arto Metsänen, president and CEO, Glaston. "Both the crisis in Ukraine and particularly its impact on neighbouring areas, as well as a quiet market in Brazil affected order intake in the early part of the year. Glaston wants to be well positioned when demand for low-emissivity glass and high-quality glass starts to grow. To respond to market needs, we will expand our factory located in Tianjin. The expansion is expected to be completed in autumn 2015.”