Mexican glass maker Vitro posts 4Q net loss $343M vs. net $48M

Mexican glass maker Vitro SAB Tuesday reported a net loss of $343 million for the fourth quarter of 2008 as sales fell and financial costs increased on derivatives losses and a weaker peso.

In a press release, Vitro said the net loss compared with a profit of $48 million in the fourth quarter of 2007.

Financial costs increased to $446 million from $23 million on losses associated with natural gas hedges and the depreciation of the peso against the dollar, according to an April 1 report in The Wall Street Journal.