Cemex Venezuela: higher domestic demand boosts profits

Cemex Venezuela: higher domestic demand boosts profits
Published: 21 January 2005

Cemex Venezuela said on Thursday its 2004 net profits rose to 208.1 billion bolivars from 44.2 billion bolivars a year earlier as domestic cement and concrete demand grew with the country’s economic recovery.  Cemex Venezuela’s net sales, which include business by its subsidiaries in Panama and the Dominican Republic, rose by 10 per cent to 1.08 trillion bolivars for the year from 987.9 billion bolivars in 2003.  Venezuela, the world’s No 5 oil exporter, is recovering from two years of economic slump caused mainly by political conflict over the rule of President Hugo Chavez. Government officials expect 5 per cent growth this year.