Cemex Latin American Holdings saw lower sales and profit

Cemex Latin American Holdings saw turnover decline by 7.8 per cent to US$1315.3m and EBITDA came off by 5.8 per cent to US$423.7m, with the margin recovering from 31.5 to 32.2 per cent. The trading profit recovered by 10.9 per cent to US$312.2m and after a further 13.6 per cent drop in financial expenses to US$63.7m and other items, the pretax profit advanced by 31.6 per cent to US$248.1m. After tax and minorities, the net attributable profit emerged 46.4 per cent higher at US$139.8m. The net debt was 4.9 per cent lower at US$983m, giving a gearing level of 66.9 per cent compared with 78.8 per cent a year earlier.

The cement volume recovered by 1.9 per cent to 7.53Mt, while aggregates shipments were 14 per cent lower at 3.08Mt and ready-mixed concrete deliveries were 9.3 per cent down at 3.08Mm³.
In Colombia the biggest single market, turnover declined by 8.3 per cent to US$665m and EBITDA came down by 13.7 per cent to US$214m. Domestic cement deliveries were little changed, while aggregates shipments declined by 13 per cent and ready-mixed concrete deliveries saw an eight per cent reduction. The price of cement declined by eight per cent in US dollar terms, but rose by one per cent in local currency, while aggregates and concrete prices improved 11 per cent and four per cent respectively in local currency.

In Panama turnover declined by 10.2 per cent to US$256m, but EBDITDA retracted by only one per cent to US$116m. Domestic cement deliveries were off by 14 per cent, but this was reduced to five per cent in the final quarter. This principally reflects the effect of lower deliveries for the Panama Canal expansion. Aggregates shipments were off by five per cent in the period but improved by seven per cent in the final quarter with prices easing by three per cent while ready-mixed concrete deliveries were three per cent lower and the average price eased by four per cent.

In Costa Rica turnover declined by 9.6 per cent to US$151m while EBITDA came off by some 12 per cent to US$61m and the margin declined by 2.9 per cent to 40.1 per cent. Domestic cement deliveries declined by 12 per cent, and the price in US dollar terms was off by five per cent, while in local currency the reduction was just three per cent. Aggregates shipments improved by nine per cent and the average price improved by two per cent while ready-mixed concrete deliveries declined by nine per cent and prices were stable.

Elsewhere in the region, which includes Nicaragua, Guatemala and El Salvador as well as an import operation in Brazil, turnover was 2.2 per cent lower at US$263m, but EBITDA improved by some 16 per cent to US$84m. Cement volumes increased by 10 per cent, while the price in US dollar terms was off by two per cent. Aggregates volumes dropped by 66 per cent and the price by 10 per cent in dollar terms, while ready-mixed concrete volumes were off by 37 per cent while prices were almost stable.