Bolivian cement producer Fancesa achieved record sales in 2003 and generated profits of 53mn bolivianos (US$6m), Sucre daily Correo del Sur reported. Sales for the year of 324,000t exceeded expectations by 8% or 24,000t. No comparative figures were given. The Sucre-based company intends to reinvest 75 per cent of the profits to continue the second stage of an expansion program that will allow the company to participate in the Tarija-Potosí southern highway project. Fancesa shareholder and fellow cement producer Soboce has an agreement with Brazilian construction company Queiroz Galvao to supply cement for the project.
Fancesa needs to spend US$60m during the next three years for this work and to finance paving projects in Sucre and Potosí. Reinvested profits are expected to provide US$15m of this with the remainder to be obtained from a financing. The company expects to see growth of 8 per cent in its sales for 2004 with a similar project percentage as in 2003. Fancesa has three shareholders: the mayoralty, university and Soboce, Bolivia’s leading cement producer.