Juan Minetti profits slide 19 per cent, Argentina

Juan Minetti profits slide 19 per cent, Argentina
Published: 12 May 2006

Argentine cement and concrete company Juan Minetti made net profits totaling ARP18.7m (US$6.16m) during the first quarter this year, down 18.6 per cent compared to the same period of 2005, the company reported.

Minetti’s net sales in January-March this year reached ARP157m, a 20.2% increase compared to 1Q05, when the firm sold ARP131m.

The increased revenues came on the back of a 19.3 per cent YoY hike in cement sales, which totaled nearly 644,000t in the period. Virtually all of these sales were made in the domestic market, with just 3000t exported.

The cement company’s operating profits increased just 1.0 per cent in 1Q06 compared to the same quarter last year, as they climbed to ARP45.9m, but EBITDA slipped 15.4 per cent to ARP34.0m in the same period.