Cemex’s profits increase again seen up on RMC acquisition
This week a Reuters survey of five analysts forecast, on average, a October-December net profit for Cemex of US$565m, up from US$334m a year earlier, in effect, increasing fourth-quarter net profit about 69 per cent from higher sales after the consolidation of Britain’s ready-mix concrete giant RMC.
The survey forecast that Cemex’s revenues will have nearly doubled in the quarter, largely boosted by its US$5.8bn acquisition in March last year of RMC, the world’s largest ready-mix concrete maker. The acquisition, the biggest ever by a Mexican company, doubled Cemex’s sales and gave it substantial business in Europe, where Cemex had few big markets other than in Spain.
Cemex said in December guidance its fourth quarter revenues would be above US$3.9bn and EBITDA would come in at US$950m. Published under Cement News
