Cementos Pacasmayo 1Q13 cement sales rise 6.5 per cent

Peruvian cement producer Cementos Pacasmayo reported a sales increase of 6.5 per cent in the first quarter of 2013.

Net income rose 13 per cent in the first quarter to PEN45.1m compared to PEN39.9m (US$17m) in the same period of last year. Cement EBITDA rose by 15.1 per cent in the three months to the end of March 2013 reaching PEN84.5mm compared to PEN73.4m in 1Q12. Consolidated adjusted EBITDA margin went from 25.8 per cent in 1Q12 to 27.9 per cent in  1Q13.

On February 1, 2013, the Company successfully placed US$300m in Senior Notes, with a coupon rate of 4.50 per cent, and a yield to maturity of 4.625 per cent, due on 2023. Demand for the notes exceeded US$2.5bn.

Cementos Pacasmayo operates two cement plants, one in Pacasmayo with a capacity of 2.9Mta and through its subsidiary Cementos Selva, another in Rioja with a 0.3Mta capacity. The company is planning to increase its cement capacity by around 50 per cent with the construction of a new cement plant in Piura which will add 1.6Mta of cement and 1Mta of clinker capacity. The new facility is due to start operations in 2015. Pacasmayo is also increasing capacity at its Rioja works by 0.24Mta, due for completion this year.