Mexican cement company Grupo Cementos de Chihuahua (GCC) reported MXP144m (US$12.7mn) in net income first quarter 2004, a 5.5 per cent slip YoY, while net sales inched up 1.6 per cent to MXP835m, the company announced.
"At the end of the first quarter 2004, we increased cement prices in Mexico 4.5 per cent, expecting that this will be fully reflected in sales for the second quarter," GCC said. "We expected a rebound of the commercial and industrial construction sectors."
First quarter’s Ebitda dropped eight per cent to MXP263m YoY, operating income was down 8.3 per cent to MXP178m, and Mexico sales increased 1.8 per cent to MXP547m. Free cash flow was negative 2.6mn pesos due to a lower operating cash flow and increased working capital.