Profitable second quarter for Crown Holdings

July 20: The world’s largest canmaking company, Crown Holdings, posted higher earnings in the second quarter of the year helped by demand for beverage cans, cost control initiatives and improved operating efficiencies.

Net profit was up 6.1 percent to US$105 million compared to the second quarter 2008, while for the first six months, earnings increased 15.1 percent year-on-year to $145m.

Commenting on the results, chief executive John Conway said: “Globally, our beverage can sales unit volumes were up 2 percent in the quarter which was driven by our businesses in developing markets and built on the 3 percent growth in the same period last year. In the United States, second quarter beverage can volumes were level to last year reflecting the stability and strength provided by our diverse customer base while profit margin improved through a combination of cost containment and increased efficiencies.”

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