Vitro reports 30.8% increase in Ebita

Mexico’s largest glass manufacturer Vitro reported a 30.8% increase in Ebita thanks to sales growth and lower gas prices.

The company said the completion of repair work on one if its float glass furnaces also helped its financial performance in Q2 this year.

It reported an increase in sales to the domestic markets for its Cosmetics, Fragrance, Pharmaceutical products but said its financial performance was hampered by the depreciation of the peso against the dollar.

A key event during the quarter was the sale of its food and beverage containers division to Owens-Illinois (O-I).

Vitro CEO Adrian Sada Cueva said shareholders had approved the transaction and the company was waiting for approval by Mexican authorities to close the transaction.

He added: “Our initiatives to control costs and increase productivity continue to improve our cost structure, as seen in the decline of 14.6% of operating expenses, which together with lower natural gas prices, has driven strong performance of EBITDA this quarter.”