GCC profits plunge 49.5%
Mexico-based producer Grupo Cementos de Chihuahua reported net earnings of MXP106m (US$8.54m) in the third quarter of 2010, down 49.5% from the same period last year.
Net sales for the quarter declined 9.7% to MXP2.35bn, compared with MXP2.6bn in 3Q09.
Sales in Mexico and Bolivia were up 6.6% and 10.2% respectively. However, US sales slumped 17.5% to MXP1.48bn, the company said in its quarterly results report.
GCC attributed the drop in sales to the peso’s appreciation against the dollar and lower prices resulting from a more competitive market.
Published under Cement News
