US: Glacier Water Services' H1 losses widen
- First-half net losses widen by 3% to US$4.5m
- Net sales up 6% to $64.4m
- H1 operating profits increase by 15% to $1.8m
- Second-quarter net losses widen by 4% to $1.5m
- Net sales up 6% to $34m
- Q2 operating profits climb 6% $1.7m
Glacier Water Services' bottom line troubles continue as its first-half losses widened despite another quarterly sales boost.
Net losses widended by 3% to US$4.5m in the six months to 29 June, the group said today. However, net sales climbed by 6% to $64.4m in the same period and operating profits increased by 15% to $1.8m.
Q2 performance was similar, with net losses widening by 4% to $1.5m while net sales grew by 6% to $34m. Second-quarter operating profits climbed by 6% to $1.7m.
The company said it had seen increased operating costs in the second quarter, “in particular labour and benefits and vehicle fleet expenses”. It also suffered from one less selling day in H1.
In Glacier Waters' last full-year results, losses stood at $9.4m despite sales increases. The losses continued in Q1, again despite a jump in sales.
To read the company's full results, click here.
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