Cemex seen posting a drop in 3Q net profit

Cemex seen posting a drop in 3Q net profit
Published: 27 October 2009

Cemex is expected to report a fall in net profit for the third quarter on Tuesday, as U.S. and European cement demand remains weak, but the company could be close to pulling out of its slump.

A Reuters poll of seven analysts showed Cemex, may have earned US$182m between July and September of this year.

Cemex’s expected profit would be nine per cent below the US$200m recorded for the same quarter of 2008.

"Cemex’s results will still show a severe fall year-on-year but we hope to see a slight improvement in the pace of the downturn compared to the previous quarter," said Carlos Hermosillo, an analyst at Vector brokerage in Mexico City.

Cemex’s net profit fell 58 per cent in the second quarter.