Net sales of Mexican glassmaking giant Vitro fall 34.5%

Mexican glassmaking giant Vitro said in a Monday statement that it had lost 84 million dollars in the first quarter, compared with the 30-million-dollar profit during the first quarter of 2008.

Net sales fell 34.5 percent in the first quarter compared with the same period of 2008, due to a weaker peso and lower volumes. Export sales fell 37.6 percent while domestic sales fell 25.5 percent.

The firm said it also lost sales due to the spin-off of container maker Comegua. Container sales fell an annualized 37.1 percent, while glass sales fell 31.5 percent.

Even so, margins rose by 12.7 percent compared with the same period a year earlier.

Vitro, founded in 1909, is Mexico's largest glassmaker for construction, industrial and domestic use, and has distribution centers in 10 nations across the Americas and in Europe.