Mexico and Argentina impact 2013 Molins results

Mexico and Argentina impact 2013 Molins results
03 March 2014

The market contraction in Mexico and a devaluation of the Argentine peso impacted the annual results of Cementos Molins. The Spanish company saw profit fall by 77 per cent to EUR10.1m although this is not comparable with the EUR20m of the previous year as the cement producer sold its stake in Cementos Artigas of Uruguay. Consolidated turnover noted a 9.4 per cent drop to EUR832m.

Foreign companies accounted for 80 per cent of Cementos Molins consolidated profits. The Mexican and Argentine markets contracted 10.6 per to EUR664m.

In Spain, cost containment and workforce restructuring has helped the company to withstand market developments. The Spanish division remains in the red, but only slipped 4.2 per cent when compared with the previous year. However, the company expects to have hit bottom and is preparing for a recovery. Last November it bought the manufacturing assets of its rival Cemex in Sant Feliu del Llobergat near Barcelona “to exploit synergies that are expected to be generated in the commercial and industrial areas”.

Published under Cement News