Apasco net profit soars in 2003

Mexican cement maker Holcim Apasco saw operating profits reach 2.27bn pesos
(US$208m) last year, a 17.3 per cent jump over 2002, while fourth quarter profits
were up 7.0 per cent from 4Q02 to 585mn pesos, the company told Mexico City’s stock
exchange.  Consolidated net sales totaled 10.6bn pesos in 2003 while fourth quarter
sales touched 2.57bn pesos, a 3.2 per cent jump year-on-year. The company’s total
assets and liabilities hit 20.0bn pesos and 6.15bn pesos fourth quarter, a
10.6 per cent growth and 1.5 per cent decline from 4Q02, respectively.

In related news, Swiss cement, aggregates and ready-mix concrete group
Holcim has offered to buy a 31.1 per cent stake in Holcim Apasco, which would give
it complete ownership over the Mexican cement maker, the latter told Mexico
City’s stock exchange. Specifically, Holcim aims to buy 73.4 million Holcim Apasco shares for
US$10.20 apiece, bringing the transaction’s price tag to US$749m, Apasco
said. The offer, subject to regulatory approval, is expected to go through
next month.