Mexican Glass Maker Vitro 3Q Loss MXN1.25 Bln Vs MXN1.58 Bln

Mexican glass maker Vitro SAB (VITRO.MX) said Wednesday that its net loss narrowed 20.5% thanks to lower exchange rate losses and financing costs related to derivatives.

Net loss was 1.25 billion pesos ($93.9 million), down from a loss of MXN1.58 billion in the year ago period, the company said in a filing with the Mexican Stock Exchange.

Sales fell 18.5% to MXN6.1 billion due to the depreciation of the peso against the U.S. dollar and lower volumes, while operating income dropped 33% to MXN423 million.

Financing costs fell 60.7% year-on-year to MXN1.1 billion.

The company said it has cut its outlook for capital expenditures this year to $40 million from $74 million and deferred maintenance spending until next year.

Vitro's A shares fell 0.5% to close at MXN6.18 on Wednesday.