Improvement is on the way.
Sales down, but cement maker remains optimistic
Published: 30 October, 2009
MEXICO: CEMEX announced that lower sales in the quarter were primarily attributable to lower volumes…
mainly from the company’s US and Spanish operations, as well as the exclusion of its Venezuelan operations, and the sale of its assets in the Canary Islands.
Hector Medina, executive vice president of finance and legal, said: "Despite the continuing effects of the global economic slowdown, we are encouraged by the quarter-to-quarter stability exhibited by our results.
“Leading indicators in several of our markets are showing signs of improvement, and we have made important steps towards regaining our financial flexibility.
“With the successful completion of our refinancing this quarter, we now have a solid foundation for continued profitable growth.
“We will enhance our position in the coming months by continuing to pay down our debt through capital expenditure reductions and cost-reduction and rightsizing initiatives."
The UK operations experienced a 26% decline in net sales, to US$330m, when compared with the same quarter of 2008. EBITDA increased 24% to US$22m in the third quarter.