Continues Positive EBITDA Trend in 2003 Fourth Quarter
San Pedro Garza Garcia,
Nuevo Leon, Mexico-based Vitro S.A. de C.V. has announced its 2003 fourth-quarter
and 2003 year-end un-audited results. For the quarter, Vitro posted a
57-percent and a 24.1-percent year-over-year increase in consolidated
EBIT and EBITDA, respectively.
EBIT increased by $14 million (U.S. dollars) and EBITDA by $19 million
(U.S. dollars) during the period. Flat Glass was the major contributor
to the improvement, with year-over-year increases of 166.5 percent in
EBIT and 42.5 percent in EBITDA. Consolidated EBITDA margins improved
year-over-year by 382 basis points, with all three business units contributing
to the increase. Annualized EBITDA improved from $345 million (U.S. dollars)
as of September 30, 2003 to $364 million (U.S. dollars) for fiscal year
2003, reflecting the improving trend.
"2003 was a challenging year for glass companies worldwide, and Vitro
wasn't an exception," said chief financial officer Alvaro Rodriguez.
"The improvement in EBITDA reflects our commitment to cost control
and improved efficiencies, as seen by the decrease in cost of sales and
SG&A on a year over year basis."