Cement News tagged under: Mexico
Cemex expects to launch debt exchange offer next week02 July 2012, Published under Cement NewsCemex expects to launch a debt exchange offer next week, a top company official told Reuters on Friday. The offer is part of a new refinancing deal it proposed to creditors in New York on Friday. A second presentation to its lenders in Madrid will take place today. Maher Al-Haffar, Cemex's vice president of corporate communications and investor relations, said the debt refinancing could conclude in the third quarter. |
Cemex Mary Nour fine upheld by antitrust authority15 June 2012, Published under Cement NewsCemex has said Mexico’s antitrust agency upheld a fine of MXP10.2m (US$729,000) against the company for blocking a 2004 cement shipment from Russia, according to Bloomberg reports. Cemex sees the fine as unfounded and will seek an injunction against it, said Jorge Perez, a company spokesman. The Monterrey, Mexico-based company appealed the fine, which the nation’s Federal Competition Commission imposed in February. The blocked delivery occurred when a group of competitors tried to impor... |
Mexican prices see slight increase23 May 2012, Published under Cement NewsDuring May, cement prices in Mexico and the United States showed a slight increase. Grupo Financiero Banamex said that according to its latest survey, the average regional retail price in the country reached up to MXP123/50kg. However, he noted that price adjustments across the country were varied. "The price change was mixed, as for example in Monterrey and Guadalajara prices rose two per cent in Mexico City was an increase of one percentage point, in Aguascalientes, Tijuana and Chihu... |
Cemex03 May 2012, Published under Cement NewsCemex' first quarter turnover increased by 3.5% to US$3,502.6m and the EBITDA improved by 6.5% to US$567.3m. The trading profit continued to recover strongly and rose by 33.9% to US$240.4m. The net interest charge rose by 6.9% to US$338.5m and other financial items produced a substantial positive swing leading to a US$63.4m a pre-tax profit, compared with a loss of US$103.0m a year earlier. The effective net debt was 2% lower at US$17,158m, helped by a 58.2% reduction in perpetual notes out... |
South & Central America drive Cemex higher27 April 2012, Published under Cement NewsCemex’ first quarter turnover was up by 3.5 per cent to US$3502.6m and the EBITDA improved by 6.5 per cent to US$567.3m. The trading profit continued to recover strongly and rose by 33.9 per cent to US$240.4m. Fernando A Gonzalez, Executive Vice President of Finance and Administration, said, "The favorable performance in most of our regions leads us to believe that we are in the initial stages of a turnaround. "This is the sixth consecutive quarter of top-line growth in o... |
Mexico's Cemex seen posting narrower quarterly loss25 April 2012, Published under Cement NewsCemex is expected to cut its first-quarter losses by more than half from a year ago, helped by higher sales and a strong share price gain during the period. A Reuters poll among seven analysts showed Cemex would likely post a net loss of US$112m in the January-to-March period, compared with a loss of US$276m in the 1Q11. Quarterly sales are expected to have grown 3.7% due to stronger demand from the United States, Cemex's top market outside Mexico, and higher prices in that market. Euro... |
Mexico sees slow recovery21 March 2012, Published under Cement NewsMexican consumption reached 40.6Mt in 2011, representing a growth of 3.9 per cent and a similar growth rate is expected for this year as a number of challenges lie ahead. T ough market conditions have prevailed in Mexico since the global economic crisis and over 2009-2010 , the domestic cement industry faced one of its most challenging phases to-date. "We come from a very strong crisis, we recovered only slightly last year"; the sector shrank 3.8 per cent on average in both consumption a... |
Cemex extends tender date for exchange offer13 March 2012, Published under Cement NewsCemex has extended the early tender date for five exchange offers launched in February this year. The company has offered to exchange euro-denominated 4.75% notes due 2014 and outstanding series of perpetual debentures for euro or dollar-denominated senior secured notes until March 23 2012," the cement maker said in a release. |
Cemex agrees to pay Mexican tax dispute12 March 2012, Published under Cement NewsCemex has lost a dispute with the Mexican government over money owed on proceeds from foreign subsidiaries, resulting in the cement producer now paying a fine of at least US$361m in back taxes. Cemex had contested changes in the law in 2005 that required Mexican companies to pay in Mexico on certain income from foreign subsidiaries where income taxes were less than 75% of the corresponding tax in Mexico. In September 2008 the Supreme Court overturned on appeal a favourable ruling that ... |
Cementos Moctezuma reports solid quarter, Mexico01 March 2012, Published under Cement NewsCorporation Montezuma reported that during the fourth quarter of 2011 EBITDA grew to 25% over the same period a year ago. A report in El Economista show that for full year 2011, the company reported a 15% growth in sales, supported by a strong advance of 13.7% in cement volume, partially offset by a fall of 2.6% in concrete volumes. EBITDA for 2011 was 10% higher than a year ago, but the EBITDA margin shrank from 36.2% to 34.5%, mainly due to the installation costs associated with the ... |