Mexico's Vitro operating profit slumps

Mexican glassmaker Vitro said that its third quarter operating profit fell sharply, hit by the strong peso currency and an economic slowdown at home and in the United states.

The company said preliminary results showed its operating profit fell to 590 million pesos in the third quarter, down 31,7 percent from the same period last year, while EBITDA (earnings before interest, taxes, depreciation and amortization) fell 22 percent to 1.11 billion pesos."Third quarter results continued to be affected by a strong peso and price pressures as a result of the economic deceleration in Mexico and the United States, which has elevated fixed costs as a percentage of sales in some of the businesses," Vitro said in a statement.

Sales fell 4.3 percent in peso terms to 7.18 billion pesos, but Vitro said its sales were up 0.8 percent in dollar terms.

EBITDA is widely seen as one of the best measures of Mexican companies performance.

600450 Mexico's Vitro operating profit slumps glassonweb.com
Date: 22 October 2001
Source: Yahoo

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