Under the influence of the general global economic downturn, lower pricing pressures and a major slip in the value of the peso -- resulting in a 20 percent devaluation from March 2002 to March 2003 -- the first quarter of 2003 saw Internacional de
Ceramica S.A. de C.V. (Interceramic) focusing efforts on maintaining product sales levels and improving operating results.
The results were mixed, with
the quarter generally comparing unfavorably with the same quarter last year
but showing improvement over the final quarter of 2002. Consolidated sales of $74.2 million for the first quarter of the year were 3.16 percent
behind first quarter sales in 2002. Sales in Mexico for the first quarter were down 5.06 percent from the first quarter of 2002, at US $42 million, although this result was impacted by the drop in the value of the peso as
Mexican sales for the first quarter of 2003, measured in real pesos, were higher than in the first quarter of 2002.