Mexican glass maker Vitro reported a net loss of USD 40 million for the 1Q 2007, narrower than the USD 55 million loss reported a year ago as sales and operating profits increased.
Vitro said sales r…
Mexican glass maker Vitro reported a net loss of USD 40 million for the 1Q 2007, narrower than the USD 55 million loss reported a year ago as sales and operating profits increased. Vitro said sales rose 6% to USD 603 million, with flat glass sales down 4.5% from the 1Q 2006 to USD 282 million, and glass container sales up 17.6% to USD 312 million. Earnings before interest, taxes, depreciation and amortization, or EBITDA, was 30% higher to USD 96 million, while operating profit nearly doubled to USD 52 million. The company said that lower financial costs compared with a year ago contributed to a narrower net loss than in the year-ago quarter. CEO Federico Sada said “We began 2007 with yet another very solid quarter, one in which Vitro has emerged as a transformed company following the successful completion of our financial plan. On a comparable basis, we achieved the highest consolidated EBITDA for a first quarter since 1Q 2001”. “Glass Containers continued reporting outstanding performance, with comparable EBITDA at an all-time high for a first quarter. High production volumes and capacity utilization, coupled with an effective cost control program has translated into strong EBITDA generation,” commented Alfonso Gomez Palacio, president of the Glass Containers business unit. Flat Glass president Hugo Lara said, “We are happy to see 27% year-on-year EBITDA growth at the unit. Going forward, we expect Flat Glass“ construction sales to grow at around 6 to 7% which are likely to compensate for an anticipated slowdown at the OEM auto markets”.