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    Glass bottle maker Vidrala to raise prices after expensive gas weighed on profit

Summary

Spanish glass maker Vidrala said on Friday it intends to raise the price of its bottles in the coming months after the soaring natural gas price brought down its profitability in the first nine months of the year.

by: Reuters

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Glass bottle maker Vidrala to raise prices after expensive gas weighed on profit

 MADRID, Oct 21 (Reuters) - Spanish glass maker Vidrala said on Friday it intends to raise the price of its bottles in the coming months after the soaring natural gas price brought down its profitability in the first nine months of the year.

Even though Vidrala's revenues in the first nine months of this year rose 24% from the same period a year ago, the company's net profit per share fell 37%.

The company attributed the profit decline to one single factor: the soaring natural gas price.

Vidrala said it expected demand for glass bottles to remain strong and intended to adapt its prices to the higher costs.

Dearer bottles may ultimately have an impact on Spanish inflation, which has dipped over the past two months from a three-decade high of 10.8% in July. (Reporting by Inti Landauro; Editing by Alex Richardson)