Vitro reports 4Q’08 declines of 17.7 percent and 41.6 percent in sales and EBITDA
Vitro S.A.B. de C.V., Mexico, one of the largest producers and distributors of glass products in the world, announced 4Q'08 unaudited results, March 4. Year over year consolidated net sales declined 17.7 percent mostly affected by a 28.2 percent peso depreciation during the quarter while EBITDA decreased 41.6 percent, according to a company release. The consolidated EBITDA margin decreased to 10.9 percent from 15.3 percent in the same period last year.
Commenting on the results for the quarter, Hugo Lara, chief executive officer, said, "This was a difficult quarter for Vitro as the worldwide recession and tight credit markets clearly impacted results. It is also clear that Vitro’s strong market position and franchise, a long standing diversified blue chip client base and the investments in our manufacturing facilities over the past ten years constitute an important foundation in these challenging times. But most importantly, we are confident we are taking all the necessary steps to continue business as usual although at a lower capacity while maintaining ongoing relationships with customers and suppliers. In fact, we are focused on actively controlling costs, managing our liquidity, and generating cash flow, while we restructure our financial obligations," according to the release.
Read the full release.