Cemex Latin America sees sales fall to US$249m in 2Q19
Cemex Latin America Holdings SA announced consolidated net sales of US$249m in 2Q19, a YoY fall of 11 per cent in US dollar terms or by four per cent in local currency terms. Operating EBITDA reached US$46m in 2Q19, a decline of 28 per cent in US dollar terms or 23 per cent in local currency terms YoY.
Domestic grey cement volumes rose by one per cent in 2Q19, while consolidated ready-mix and aggregates' volumes declined by five per cent and six per cent, respectively when compared to 2Q18. Consolidated prices in local currency terms for grey cement and ready-mix fell by one per cent, while they rose one per cent for aggregates during the quarter.
Regional results in 2Q19
In Colombia EBITDA reached US$117m, 22 per cent down in US currency terms and 14 per cent lower in local currency terms compared to 2Q18.
EBITDA in Panama fell by 29 per cent in US dollars to US$11m in 2Q19. Net sales reached US$48m, a fall of five per cent.
Meanwhile, the Costa Rican operations saw EBITDA slip to US$9m, by 44 per cent in US dollar terms or 42 per cent down in local currency terms YoY. Net sales totalled US$27m, a drop of 37 per cent in US dollar terms or 34 per cent in local currency terms.
In the rest of CLH's operations, EBITDA totalled US$15m, down by 23 per cent in US dollar terms and by 20 per cent in local currency terms, compared to 2Q18. Quarterly net sales reached US$57m, representing a decrease of seven per cent in US dollar terms and four per cent in local currency terms.
Jaime Muguiro, CEO of Cemex Latin America Holdings, said, "We are encouraged by the positive trends in Colombian industry-cement demand and by our cement volume and price performance in this country during the first half of the year. Nevertheless, this positive trend in sales was not strong enough to offset the increases in coal, electricity and distribution costs in Colombia, as part of our A stronger Cemex plan, we have saved so far US$6.5m, out of the 2019 target of US$11m of recurring savings."
