Growth in its container and flat glass businesses helped Vitro grow sales by 22%.
The Mexican company reported that the growth in the construction and automotive sectors as well as strong export and domestic sales had boosted business in the final quarter of 2015.
Consolidated net sales increased 22.2% to US$229 million in the quarter, it reported in its Quarter Four 2015 financials.
EBITDA increased 155.9% Y-O-Y to US$49 million with a margin increase to 21.5%.
Vitro CEO, Mr. Adrian Sada Cueva, said: "The strong dynamics of the construction market driven by shortages in Mexico and the economic recovery in the US, coupled with the acquisition of new customers and increased exports of glass for the automotive sector, and strong sales volumes in the pharmaceutical industry were the main factors that boosted sales this quarter.
“This more than offset weak sales within the cosmetics segment and lower sales to the automotive glass replacement market, as well as foreign subsidiaries, particularly Colombia.”
He attributed the growth in EBITA to increased sales as a result of increased furnace efficiency after a furnace repair, initiatives to reduce costs and lower prices of electricity and natural gas.
The company won new contracts in the automotive segment totalling annual sales of US$110 million. It expects to see the benefit of this from 2017 onwards as production will start in the next couple of years.
In mid 2016 it will begin a planned furnace repair of its float furnace in Mexicali, Mexico, expected to be completed by the end of the year.
It also expects to have a new float glass furnace in operation by mid 2017 to increase production capacity for the automotive segment. Work will also progress on its new plant in Brazil for the cosmetics and perfumery sector.
