Vitro Reports 3Q’10 Increase of 4.8% in Sales and 9.0% in EBITDA

Vitro S.A.B. de C.V. (BMV: VITROA) one of the world's largest producers and distributors of glass products, today announced 3Q'10 unaudited results.

Year- over-year consolidated net sales increased 4.8 percent benefited by a 7.4 percent peso appreciation during last twelve months. Consolidated EBITDA increased 9.0 percent YoY while the consolidated EBITDA margin increased to 15.1 percent from 14.5 percent in the same period last year, mostly driven by the termination of an aircraft lease, the full benefits from the cost reduction plan reflected at the holding company level and the peso appreciation.

Mr. Hugo Lara, Chief Executive Officer, commented: "We achieved significant milestones in our restructuring and refinancing activities. After settling the derivative claims with our counterparties, we filed our audited 2009 financial statements, once they were approved on a Shareholders’ Meeting, and our stock has resumed trading on the Mexican Stock Exchange. The launch of a cash tender offer, together with an exchange offer and consent solicitation released on Monday, is another important step in our debt restructuring. We are confident that the success of these offers, will allow us to delever the Company and provide greater financial flexibility to continue to build on our business strengths. Finally, the refinancing of credit lines at our Spanish subsidiary."

"Results for the quarter, continued to benefit from the peso appreciation, the varying stages of the economic recovery in most of our markets, as well as our ongoing actions to reduce costs and improve profitability."

Read the full press release bellow.

600450 Vitro Reports 3Q’10 Increase of 4.8% in Sales and 9.0% in EBITDA glassonweb.com
Date: 10 November 2010
Source: www.vitro.com

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