Vitro, the leading glass producer in Mexico, has released its unaudited results for the second quarter 2014.
Q2 2014 highlights include consolidated sales up 2.2% year-on-year to US$455 million.
Strong performance in the glass containers business unit, primarily in the beer and soft drinks segments, as well as higher flat glass automotive sales and exports to the U.S., offset weaker flat glass domestic construction sales and exports.
They also helped to offset the negative impact from the 2.5% peso depreciation.
However, despite the benefits of a leaner operating structure, lower legal expenses, and increased flat glass value added construction sales to the U.S. and automotive products, EBITDA fell 5.4% year-on-year to US$96 million.
This was affected by a 14% increase in natural gas prices, a 2.5% year-on-year peso depreciation (quarterly average) and lower sales volumes to certain segments.
Sequentially, net debt decreased by US$8 million, mainly reflecting a higher cash balance compared to previous quarter.
As well as financial achievements in Q2, Vitro was also presented with the World Packaging Organisation’s (WPO) prize for Health and Beauty during the WorldStar Awards 2014 in May.
The award was for the True Passion fragrance by Mary Kay, and the container was chosen from a total of 316 containers presented by companies during 2013.