Cementos Molins sees 33% profit rise in 1Q17

Spain's Cementos Molins saw its profit rise 33.2 per cent YoY to EUR20.5m in the first quarter of 2017 due to an increase in sales and a positive trend in prices.

However, net profit, which reached EUR1.2m, was negatively affected by currency depreciation, particularly the Mexican peso.

Revenues advanced 20.6 per cent YoY to EUR194.1m while gross operating profit rose 27 per cent YoY to EUR49.4m. The company attributes this to he rebound in sales and prices, "despite the fact that production costs have suffered from the effects of local inflation (especially in Argentina) and the significant increases in electricity and fuels."

In Spain the group saw a “significant improvement” in gross operating profit, which rose 61.8 per cent YoY to EUR6.8m as it observed “a recovery in Spain”. Further significant improvements in gross operating profit were noted in Argentina (+54.5 per cent), Uruguay (+97 per cent) and Mexico (+26 per cent). Sales in Mexico expanded by 24.3 per cent YoY to EUR59.7m, in Spain by 19.6 per cent to EUR59m and in Argentina 35.7 per cent to EUR42.3m.