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Vitro full-year earnings fall

Mexican glassmaker Grupo Vitro said that gross earnings fell 13.3% in 2000 because of high energy costs and one-time charges.
Vitro, based in the northern industrial hub of Monterrey, said gross earn…

Mexican glassmaker Grupo Vitro said that gross earnings fell 13.3% in 2000 because of high energy costs and one-time charges. Vitro, based in the northern industrial hub of Monterrey, said gross earnings in 2000 were 5.476 billion pesos (US$ 557 million). The company reported a marginal drop in sales for the period. Operating profit fell 19.2% to 3.393 billion pesos as a strong peso and other factors reduced profits, which are accounted for in dollar terms. Other factors contributing to the drop were higher energy costs, higher operating costs and non-recurring charges, such as salary pay-outs related to the acquisition of Harding Glass in early 2000.

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