Mexican Vitro said on 25 October 2006 that higher sales and lower financing costs have helped it turn a net profit in the 3Q 2006, compared with a loss in the same period of 2005.
The Monterrey-based…
Mexican Vitro said on 25 October 2006 that higher sales and lower financing costs have helped it turn a net profit in the 3Q 2006, compared with a loss in the same period of 2005. The Monterrey-based glassmaker said its sales rose to MXN 6.84 billion (USD 621 million) from MXN 6.53 billion, while operating profit rose to MXN 626.4 million from MXN 583.4 million in the 3Q of 2005. Vitro said sales in its glass container division grew 15.4% year-on-year, while flat glass sales were almost the same. Lower financing costs resulting from exchange gains contributed to a MXN 139.6 million net profit in the quarter, compared with a MXN 73.5 million net loss a year ago, Vitro said. Vitro“s class A shares trading on the Mexican stock market slipped 0.1% on 25 October 2006 to MXN 12.69, close to their 12-month high of MXN 13.76. Consolidated net debt at the end of September 2006 was USD 1.13 billion, down USD 17 million in the quarter, Vitro said. Earnings before interest, taxes, depreciation and amortization, or EBITDA, rose 10.2% from a year ago to USD 57 million.