Vitro, one of the world's largest producers and distributors of glass products, has announced 4Q 2008 unaudited results. Year on year consolidated net sales declined 17.7%, mostly affected by a 28.2% peso depreciation during the quarter while EBIT decreased 41.6%. Q4 was a difficult period for Vitro as the worldwide recession and tight credit markets clearly impacted results. It is also clear that Vitro's strong market position and franchise, a long standing diversified blue chip client base and the investments in manufacturing facilities over the past 10y constitute an important foundation in these challenging times. Vitro are confident they are taking all necessary steps to continue business as usual, though at a lower capacity, while maintaining ongoing relationships with customers and suppliers. Vitro's Chief Financial Officer said: "In the face of global declining demand, glass container sales volumes were down in all segments reflecting overall weak conditions. As a result, domestic and export sales declined year on year by 16.9% and 14.1% respectively. A 34.1% year drop for glass containers was reported.
