Peru: Pacasmayo 1Q net income down

Peru: Pacasmayo 1Q net income down
Published: 30 April 2014

Peruvian producer Cementos Pacasmayo reported a drop in net income of 11.8 per cent YoY to PEN39.8m (US$14.1m) in the first quarter of 2014. EBITDA came in at PEN80.7m compared to PEN81.3m in the corresponding period of 2013.

However, cement sales volumes grew by four per cent YoY, exceeding market growth, with cement net sales improving by 5.9 per cent YoY and total sales by three per cent YoY.

During the Jan-Mar 2014 period, cement shipments in Peru increased marginally by 1.35 per cent YoY to 2.452Mt, according to domestic cement association, Asocem.

The company noted that cement sales volume for 1Q14 includes the cement used for the construction of its new Piura cement plant. Construction began in October 2013 and, upon completion in 2015, will have a clinker and cement capacity of 1Mta and 1.6Mta, respectively.