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Crown Holdings profits riseliz.wells@haymarket.com, 17 April 2008Be the first to comment on this article Crown Holdings, the US-based global packaging group, said it had benefited from passing on higher raw materials costs to customers as it reported a 9% increase in net sales to $1.9bn (960m) in the first quarter of 2008. The company said it generated almost three-quarters of net sales outside of the US in the first three months of 2008. Crown Holdings' net profit before taxes, minority interests and equity earning was $74m, compared with $48m in the same period in 2007. Chairman and chief executive John Conway said: "The first-quarter results reflect global growth in beverage can volumes. We benefited from Americas beverage can volume recovery and its improved mix, as well as continued improvement in European beverage can margins." Crown's European beverage business reported net sales of $348m in the first quarter, compared with $281m in the same period last year. The division's profit was $51m, compared with $30m in 2007. Crown's European food division secured net sales of $488m, compared with $446m in 2007. Profit rose to $41m from $38m in 2007. Net sales in Crown's European speciality packaging division were $105m, up from $97m this time last year. Profit was stable at $1m. Speak Your Mind |
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