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Santa Marina registers R$ 3.52 million in profits

28 May 1998: The net profit of Brazil“s Vidraria Santa Marina decreased from R$ 12.97 million in the first quarter of 1997 to R$ 3.52 million in the same period in 1998, a negative variation of 73%. …

28 May 1998: The net profit of Brazil“s Vidraria Santa Marina decreased from R$ 12.97 million in the first quarter of 1997 to R$ 3.52 million in the same period in 1998, a negative variation of 73%. The drop in net revenue, however, was R$ 91.73 million, 1.3% less than the R$ 93 million registered in the first quarter of 1997. According to a recent report, the final result did not surprise the managers of the glass manufacturer, which is controlled by the French group Saint- Gobain. According to chief financial officer Nelson Zanocelo, the net profit reflected the decrease in financial revenues and the increase in depreciation costs. Both are due to investments made in expansion and modernization, of R$ 82 million in 1997 and R$ 50 million forecast for 1998.

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