GCC net profit falls 15%, Mexico

GCC net profit falls 15%, Mexico
22 October 2004

Mexican cement maker Grupo Cementos de Chihuahua reported a MXP196m (US$17mn) net profit in the third quarter this year, down 14.9% from 3Q03, the company reported. Operating profit grew 2.2% to 308mn pesos.

In the quarter, net sales grew 7.5% to MXP1.15bn compared to the same quarter last year thanks to an 18.3% boost in US sales to MXP633m. Meanwhile, Mexican sales dropped 3.4% to MXP513m.

According to GCC, the US sales growth reflects strong demand and higher prices, while the drop in Mexico was due to a reduction in public works as state and municipal government terms come to an end.

For the January-September period, GCC posted a MXP519m net profit, down 6.82% compared to the same period last year, with operating profit dropping 1.08% to MXP733m. Net sales grew 6.66% to MXP3.04bn , with Mexican sales up 1.27% to MXP1.6bn and US sales up 13.9% to MXP1.45bn.

Published under Cement News