The Mexican glass manufacturer Vitro has reported a net profit of 582.6 million pesos (US$ 73.9 million) in the first quarter of 1997, a 13.9% increase over the same period in 1996. Exports grew 12.8%…
The Mexican glass manufacturer Vitro has reported a net profit of 582.6 million pesos (US$ 73.9 million) in the first quarter of 1997, a 13.9% increase over the same period in 1996. Exports grew 12.8% in the first quarter to US$ 153 million, but the appreciation of the Mexican peso against the dollar depressed Vitro“s consolidated net sales, which grew by only 1.8% to 4.44 billion pesos. Vitro said it expected exports to increase by US$ 100 million a year following the start up in March of a US$ 55 million plant that will produce washing machines and fridges for export. The new factory is a joint venture with Whirlpool of the US. Big increases in gas and electricity tariffs at the beginning of the year cut Vitro“s operating income by 6.4% to 814.4 million pesos. Cost saving measures, introduced in the second half of last year, cut overheads by 7.5% to 910.6 million pesos in the first quarter of 1997.