GCC profits plunge 49.5%

GCC profits plunge 49.5%
Published: 01 November 2010

Mexico-based producer Grupo Cementos de Chihuahua reported net earnings of MXP106m (US$8.54m) in the third quarter of 2010, down 49.5% from the same period last year.

Net sales for the quarter declined 9.7% to MXP2.35bn, compared with MXP2.6bn in 3Q09.

Sales in Mexico and Bolivia were up 6.6% and 10.2% respectively. However, US sales slumped 17.5% to MXP1.48bn, the company said in its quarterly results report.

GCC attributed the drop in sales to the peso’s appreciation against the dollar and lower prices resulting from a more competitive market.