Cement News tagged under: Mexico

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Cemex Mary Nour fine upheld by antitrust authority

15 June 2012, Published under Cement News

Cemex has said Mexico’s antitrust agency upheld a fine of MXP10.2m (US$729,000) against the company for blocking a 2004 cement shipment from Russia, according to Bloomberg reports.  Cemex sees the fine as unfounded and will seek an injunction against it, said Jorge Perez, a company spokesman. The Monterrey, Mexico-based company appealed the fine, which the nation’s Federal Competition Commission imposed in February. The blocked delivery occurred when a group of competitors tried to impor...

Mexican prices see slight increase

23 May 2012, Published under Cement News

During May, cement prices in Mexico and the United States showed a slight increase. Grupo Financiero Banamex said that according to its latest survey, the average regional retail price in the country reached up to MXP123/50kg. However, he noted that price adjustments across the country were varied. "The price change was mixed, as for example in Monterrey and Guadalajara prices rose two per cent in Mexico City was an increase of one percentage point, in Aguascalientes, Tijuana and Chihu...

Cemex

03 May 2012, Published under Cement News

Cemex' first quarter turnover increased by 3.5% to US$3,502.6m and the EBITDA improved by 6.5% to US$567.3m. The trading profit continued to recover strongly and rose by 33.9% to US$240.4m. The net interest charge rose by 6.9% to US$338.5m and other financial items produced a substantial positive swing leading to a US$63.4m a pre-tax profit, compared with a loss of US$103.0m a year earlier. The effective net debt was 2% lower at US$17,158m, helped by a 58.2% reduction in perpetual notes out...

South & Central America drive Cemex higher

27 April 2012, Published under Cement News

Cemex’ first quarter turnover was up by 3.5 per cent to US$3502.6m and the EBITDA improved by 6.5 per cent to US$567.3m. The trading profit continued to recover strongly and rose by 33.9 per cent to US$240.4m. Fernando A Gonzalez, Executive Vice President of Finance and Administration, said, "The favorable performance in most of our regions leads us to believe that we are in the initial stages of a turnaround. "This is the sixth consecutive quarter of top-line growth in o...

Mexico's Cemex seen posting narrower quarterly loss

25 April 2012, Published under Cement News

Cemex is expected to cut its first-quarter losses by more than half from a year ago, helped by higher sales and a strong share price gain during the period. A Reuters poll among seven analysts showed Cemex would likely post a net loss of US$112m in the January-to-March period, compared with a loss of US$276m in the 1Q11. Quarterly sales are expected to have grown 3.7% due to stronger demand from the United States, Cemex's top market outside Mexico, and higher prices in that market. Euro...

Mexico sees slow recovery

21 March 2012, Published under Cement News

Mexican consumption reached 40.6Mt in 2011, representing a growth of 3.9 per cent and a similar growth rate is expected for this year as a number of challenges lie ahead. T ough market conditions have prevailed in Mexico since the global economic crisis and over 2009-2010 , the domestic cement industry faced one of its most challenging phases to-date. "We come from a very strong crisis, we recovered only slightly last year"; the sector shrank 3.8 per cent on average in both consumption a...

Cemex extends tender date for exchange offer

13 March 2012, Published under Cement News

Cemex has extended the early tender date for five exchange offers launched in February this year. The company has offered to exchange euro-denominated 4.75% notes due 2014 and outstanding series of perpetual debentures for euro or dollar-denominated senior secured notes until March 23 2012," the cement maker said in a release.

Cemex agrees to pay Mexican tax dispute

12 March 2012, Published under Cement News

Cemex has lost a dispute with the Mexican government over money owed on proceeds from foreign subsidiaries, resulting in the cement producer now paying a fine of at least US$361m in back taxes. Cemex had contested changes in the law in 2005 that required Mexican companies to pay in Mexico on certain income from foreign subsidiaries where income taxes were less than 75% of the corresponding tax in Mexico. In September 2008 the Supreme Court overturned on appeal a favourable ruling that ...

Cementos Moctezuma reports solid quarter, Mexico

01 March 2012, Published under Cement News

Corporation Montezuma reported that during the fourth quarter of 2011 EBITDA grew to 25% over the same period a year ago. A report in El Economista show that for full year 2011, the company reported a 15% growth in sales, supported by a strong advance of 13.7% in cement volume, partially offset by a fall of 2.6% in concrete volumes. EBITDA for 2011 was 10% higher than a year ago, but the EBITDA margin shrank from 36.2% to 34.5%, mainly due to the installation costs associated with the ...

GCC sees improved sales in USA and Mexico

29 February 2012, Published under Cement News

Mexican cement producer Grupo Cementos de Chihuahua (GCC) reported a 4.9 per cent YoY rise in full year consolidated net sales to MXP7197.4m, as it reported improvements in construction activity in its domestic and USA markets from 2Q11. However, operating income for the year fell 18.5 per cent YoY to MXP464.3m while EBITDA was down 9.8 per cent to MXP1359.4m. Net sales in the 4Q11 reached MXP1996,7m, up 18 per cent over the same period of last year thanks to higher sales in both market...