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MONTERREY, Mexico, Feb 22 (Reuters) - Mexico's Vitro posted a quarterly net profit of $3 million, against a loss of $11 million a year earlier, following a move to focus on its core glass-making activities.
Monterrey-based Vitro said on Tuesday earnings before interest, tax, depreciation and amortization, or EBITDA -- a key performance gauge for Mexican companies -- slipped 10 percent to $87 million in the fourth quarter.
Excluding fiberglass unit Vitro Fibras and beverage can maker Vitro American National Can, which the company divested in March and September respectively, consolidated EBITDA declined by 2.0 percent.
"When I do an apples-for-apples comparison there is a clear signal that current operations are going very well," Chief Financial Officer Alvaro Rodriguez told Reuters in a telephone interview. "Focusing on our glass interests has proved to be a successful strategy."
Net sales reached $567 million, a rise of 2.1 percent, driven by a 7.2 percent rise in glassware sales.
The company reported a 26.8 percent reduction in its short-term debt during the period to $293 million, amid a restructuring of its liabilities.
Vitro shares closed down 4.2 percent at 11.21 pesos in Mexico shortly before the company reported its results, while the company's American Depositary Receipts finished off 3.8 percent at $3.01 in New York.