Cementos Lima Q3 profits down

Peru’s largest cement producer Cementos Lima has reported that lower sales contributed towards a 13.9 per cent fall in profits for the third quarter to September 30 compared to the same period last year, according to information filed with the country’s securities regulator (Conasev).

Net profit for the quarter was 21.9mn soles (US$6.58m) compared to 25.4m in the 2003 period due to lower sales and increased operating costs. Sales fell 5.1 per cent to 139m in 3Q04, down from 147m soles in 3Q03. Operating costs rose 2.7 per cent to 65.4m soles from 63.6m soles in 3Q03.

Sales for the year to September have been maintained at a similar level to 2003, up 0.6 per cent to 425.8mn soles for the first nine months, compared to 413.2m in the same 2003 period. Net profit is down 3.0 per cent to 73.7m soles from 76.0m soles over the same period last year.

Cementos Lima supplies cement to markets in central Peru, has a 39 per cent domestic market share and also exports to the US. In 2003, it posted a 91.3m-soles net profit. Total year-to-date sales in Peru are 2.9Mt compared to 2.8Mt for the same period in 2003.