Cemex' turnover improved by 7.6% in 2011 to US$15,139.2m, but the EBITDA was just 0.8% ahead at US$2331.9m. The trading profit, however, advanced by 12.2% to US$960.2m, compared with a 26.5% fall a year ago. The net interest charge, which had risen by 22.9% in 2010, increased by a further 11.8% to US$1399.7m, and the cost of “other” expenses also rose on the back of higher losses on financial instruments and exchange rates. This resulted in a pre-tax loss that was 37% higher at US$1238.61m, while the net attributable loss emerged 17.6% higher at US$1532.6m. Net debt, including perpetual notes, was reduced by 0.8% to US$16,912m as 29% of the perpetual notes were redeemed. Debt has also reduced by disposals, which raised US$225m. Some 98% of the debt is considered long-term and the gearing level works out at 121.3% compared with 118.5% a year earlier. Some 78% of the debt was denominated in US dollars, compared with 19% in euros and 3% in Mexican peso.