Grupo Cementos de Chihuahua (GCC) of Mexico today announced consolidated results for the quarter ended June 30, 2009.
Consolidated net sales rose 3.6% and 8.6% in the second quarter and first half of 2009, respectively, compared to the same periods of last year, driven by higher sales in the United States and Bolivia. In addition, free cash flow was 225.7% greater than in the second quarter of 2008.
Sales in Bolivia rose 76.0% in the second quarter of 2009 compared to the same quarter of last year as a result of greater demand in the DIY and commercial-industrial sectors.
EBITDA in the second quarter and first half of 2009 was $682.7 and $1,113.3 million pesos respectively, similar figures to those obtained in the same periods of 2008.
Free cash flow increased 225.7% in the second quarter of 2009, totaling $612.3 million pesos, compared to $188.0 million pesos in the second quarter of 2008.
The depreciation of the peso against the dollar continues to have a mixed effect on the Company’s results. Nonetheless, due to dollar-denominated sales in the revenue mix (approximately 60%), the depreciation of the peso will have a positive effect on GCC’s results in the long term.