(polyestertime) -- Profits dropped
by more than two thirds at Artenius PET Packaging UK (APPE) in 2011 as the
container maker was hit by decreased sales volumes and shrinking margins.
APPE supplies containers and preforms to the food and beverage sector and to
the personal care and healthcare sector. Despite turnover increasing from
GBR164.5m to GBR170.8m in the year to 31 December 2011, APPE reported pre-tax
profit of GBR2.4m, down from GBR8.5m in 2010.
The company said the increased turnover reflected the high price of PET
(polyethylene terephthalate) resin but underlying volumes declined. Overall
sales volumes fell by 13 %.
"2011 was a challenging year, arising from the current difficult economic
situation and in particular, the significant increase in raw materials prices,"
said Chris Brown, APPE's business unit director for UK & Ireland.
APPE is part of Catalan parent group La Seda de Barcelona