Poor first-quarter results for CEMEX
CEMEX have reported a 10% decrease in consolidated net sales to US$3.0 billion in the first quarter of 2010, compared with the same period of 2009. Likewise, EBITDA was down 23% to US$515 million.
First quarter figures show a 6% fall in cement volumes compared with the same period of 2009, while ready-mix volumes dropped by 16% and aggregates volumes by 13%.
According to the Mexican-based firm, the decline in sales in the quarter were due primarily to lower volumes in Mexico, the US and Europe, partly offset by higher prices in several markets.
During the first quarter, net sales in the US decreased 24% to US$552 million, while EBITDA showed a loss of US$23 million. In Spain, net sales were US$150 million, down 24% from the same period in 2009. Sales in the UK remained flat during the first quarter, reaching US$267 million, compared with the same period of 2009.
Operations in Asia, however, reported a 10% increase in net sales to US$124 million, compared with the first quarter of 2009, while EBITDA was up 18% to US$33 million.
Fernando A. Gonzalez, CEMEX executive vice-president of planning and finance, said: ‘The results of the quarter reflect the ongoing challenges posed by the effects of the global economic slowdown, as well as unfavourable weather conditions in the US and Europe. Our ongoing efforts to reduce costs and optimize the efficiency of our operations are progressing well and we continue to build on our goals of becoming a leaner, more agile company.’