Cement News tagged under: Mexico

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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...

Cemex to appeal fine, Mexico

24 February 2012, Published under Cement News

Cemex CEO Lorenzo Zambrano has reiterated that the company will appeal a fine for allegedly blocking competitors from bringing cement into Mexico, the Wall Street Journal reports. Earlier this month, the Federal Competition Commission (CFC) fined Cemex MXP10.2m (US$796,000) following an investigation into a failed attempt by a competitor to import cement via a silo ship almost eight years ago. The newspaper quoted Zambrano as saying: “We’ve done nothing illegal.” He said Cemex used leg...

Cemex fined for anti-competitive practices

14 February 2012, Published under Cement News

Mexico’s competition watchdog has fined cement giant Cemex MXN10.2m (US$800,500) for anti-competitive practices in a 2005 dispute when the company blocked a shipment of cheap Russian-made cement from entering the country. The competitor tried to import 26,000t of lower-priced Russian cement into Mexico, but the “Mary Nour” vessel was held up for months at a Mexican port and eventually turned away in 2005 after being blocked by Cemex.   The rival group brought a claim against Cemex in 20...