Mexican glassmaker Vitro SAB announced at the end of October 2009 that its net loss narrowed 20.5% thanks to lower exchange rate losses and financing costs related to derivatives.
Net loss totalled M…
Mexican glassmaker Vitro SAB announced at the end of October 2009 that its net loss narrowed 20.5% thanks to lower exchange rate losses and financing costs related to derivatives. Net loss totalled MXN 1.25 billion (USD 93.9 million), down from the MXN 1.58 billion loss in the same period of 2008, according to the company“s filing with the Mexican Stock Exchange. Sales dropped 18.5% to MXN 6.1 billion caused by to the depreciation of the peso against the US dollar and lower volumes, while operating income decreased 33% to MXN 423 million. Moreover, financing costs fell 60.7% year-on-year to MXN 1.1 billion. Vitro said that it has cut its outlook for capital expenditures in 2009 to USD 40 million from USD 74 million and suspended maintenance spending until 2010.