Pacasmayo H1 profits

Pacasmayo H1 profits
Published: 30 July 2004

Peru’s second largest cement producer Cementos Pacasmayo posted an 11.3% increase in net profits to PEN31m (US$9.07m) for the first half of 2004 compared to PEN27.9m in 2003, according to a filing with the Lima stock exchange, BVL.  Net profit for the second quarter grew 40.5% to PEN16.1m from PEN11.5m in the same period in 2003. Sales for the first six months totalled PEN144m , up 10.9% from the PEN130m recorded in 2003. Second quarter sales posted growth of 20.4% to PEN74.1m compared to the PEN61.5m achieved in the same period in 2003.  In May, Peruvian bank Banco Wiese Sudameris (BWS) gave its "buy" recommendation for Pacasmayo shares. The rating was based on a medium-term growth outlook for the cement market due to new infrastructure projects and the government economic housing program, and high long-term growth potential.  Pacasmayo’s business is largely concentrated in the country’s northern regions.