GCC profits slump 63.7% in 2Q
Mexican producer Grupo Cementos de Chihuahua reported net profits of MXP86.5m (US$6.82m) in 2Q, down 63.7% from the same period last year.
The slump was due to an unfavorable exchange rate combined with a harsh winter that slowed construction, the company said in its quarterly results report.
Net sales for the quarter totaled MXP2.2bn, compared with MXP2.36bn in 2Q09. In dollar terms, consolidated net sales decreased 0.6%; however, the figure actually declined 6.9% during the period due to the appreciation of the peso against the dollar.
Published under Cement News
