Reuters logo
UPDATE 1-Mexico's Cemex quarterly profit jumps ten-fold on asset sales
April 27, 2017 / 10:34 AM / 8 months ago

UPDATE 1-Mexico's Cemex quarterly profit jumps ten-fold on asset sales

MEXICO CITY, April 27 (Reuters) - Mexican cement producer Cemex significantly beat analyst expectations on Thursday with a nearly ten-fold spike in first-quarter net profit, driven mostly by asset sales.

Cemex earned $336 million in net profit in the quarter, compared to $35 million in the same period in 2016, and $95 million forecast in a Reuters poll of analysts.

The company has followed a plan over several years to sell assets and boost investment. During the quarter, it gained $152 million on the sale of a concrete tube business in the United States and another $98 million in financial instruments from the sale of a portion of local unit GCC.

“We have around $230 million in pending announced asset sales set to close,” Cemex Chief Executive Fernando Gonzalez said in a statement.

The company’s consolidated net sales grew 1 percent to $3.14 billion during the quarter, but grew 6 percent when adjusted for currency fluctuations and disinvestments.

Cemex said its total debt fell 3.7 percent in the first quarter to $12.16 billion.

Reporting by Noe Torres; Editing by Bernadette Baum

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below