19 February 1998: Mexican glassworks Vitro Sociedad Anonima announced unaudited financial results for the fourth quarter and year ended 31 December 1997. It recorded net income of majority interest o…
19 February 1998: Mexican glassworks Vitro Sociedad Anonima announced unaudited financial results for the fourth quarter and year ended 31 December 1997. It recorded net income of majority interest of Ps 2,213 million versus a net loss of Ps 5,531 million in 1996. Results for 1996 and 1997 are restated to include the reversal of Grupo Financiero Serfin“s (GFS) goodwill write-off, recorded by Vitro in June 1997 of Ps 724 million. Net income for 1997 amounted to Ps 2,737 million, compared with a net loss of Ps 5,046 million in 1996. For the fourth quarter, net income of majority interest amounted to a net loss of Ps 269 million compared with a net loss of Ps 1,413 million for the same period in 1996. Similarly, a net loss of Ps 140 million was recorded for the fourth quarter 1997, versus a net loss of Ps 1,277 million for the same quarter in 1996. Fourth quarter results were affected by an exchange loss, as well as two non-cash charges. Consolidated sales for the fourth quarter ended 31 December 1997 were Ps 5,246 million, a 2.3% increase with respect to the same period of 1996. A major contributor was the Household Products business with a 13.5% growth. Export sales were US$ 151 million, a 17.6% increase, with respect to previous year, resulting from export sales growth in the Household, Flat Glass and Glassware businesses of 43%, 33.5% and 12.3%, respectively. The results for the full year 1997 reflect substantial benefits arising from the fulfilment of the 18-month strategic business plan that began in June 1996, while all objectives targeted in the company“s plan were achieved. Vitro operates more than 100 facilities in seven countries, including Mexico and the United States, and exports products to more than 60 countries worldwide.