Cementos Argos third-quarter results ‘excellent,’ Sierra says

Cementos Argos third-quarter results ‘excellent,’ Sierra says
Published: 25 September 2009

Cementos Argos SA, Colombia’s biggest cement maker, will report “excellent” third-quarter results, Chief Financial Officer Ricardo Sierra said.

Sierra, speaking at an Interbolsa equity conference in Medellin, said sales in the Caribbean will offset a drop in revenue from the U.S.

“The results in Colombia and the Caribbean are very strong and we are very happy,” Sierra said. The comparison to last year’s third-quarter results, which came in the midst of the global recession, will help boost this year’s earnings, he said.

Cementos Argos is bidding for “the most important cement and ready mix project” in Colombia and will discuss its performance in contract awards during the earnings conference call, Sierra said.

The Barranquilla-based company is examining acquisitions in the US and the Caribbean, he said.

“We are studying opportunities especially in aggregates,” said Sierra. “It’s difficult because in many cases people want to charge pre-crisis prices.”