GCC prepays US$90m in debt, Mexico

GCC prepays US$90m in debt, Mexico
Published: 02 September 2004

Mexican cement producer Grupo Cementos de Chihuahua has prepaid US$90m in bank debt, reducing overall debt by 39.3 per cent to MXP1.56bn (US$134mn), GCC told Mexico City’s bourse.

The company is prepaying US$80m in debt approved by a syndicate of six financial institutions in 2002, plus MXP100m in bank credits due 2010, said the filing.

GCC reported MXP175m in net profit in the second quarter 2004, up three per cent YoY as sales grew and financing costs and income tax fell. Net sales totaled MXP1.03bn second quarter this year, up 9.7 per cent from same-period year ago as Mexican and US sales grew 4.5 per cent and 15.5 per cent respectively to roughly MXP515m each.