Although average prices during the first six months of the year remained below the corresponding period last year, despite several attempts to raise prices, Glverbel Group's operating result increased significantly. This is due to cost-cutting programmes previously carried out in the western and central European plants, together with the high production levels of the plants, and the 50% proportional consolidation of the Schott-Glaverbel joint venture. The shedding of AFG Industries in August 1996 also had a positive impact on the figures. Consolidated net income for the first half of 1997 was 159% up at BEF 773m (£12.8m) on sales increased by 16% to BEF 21.3bn (£35.5m). Exceptional costs amounted to BEF 199m (£3.3m). The Group employed an additional 170 people in its Belgian plants in this period.
