Swiss packaging giant SIG has announced a 60-percent drop in profit to SFr52 million ($30.5 million) for 2001, blaming a "remarkable drop" in sales on the result.

Despite the fall, SIG issued an up-beat assessment of the coming year, predicting a 20 per cent rise in sales.

The company specialises in food and beverage packaging systems and has just finalised a two-year restructuring process, which included a raft of new purchases.

"For 2002, SIG expects a further growth in net sales and a disproportionate higher profit," a company statement said.

The company said the performance of its newly acquired SIG Plastics division was "unsatisfactory".

Goodwill amortization rose from SFr107 million to SFr118 million.

The company also revealed cuts to salaries paid to its senior executives in 2001. SIG's top seven managers took home a combined salary package worth SFr3 million - down from SFr4.2 million the previous year.

swissinfo and agencies

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