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CEMEX announces Q4 2010 results

World Cement,

CEMEX has announced that its consolidated net sales increased 1% in Q4 2010 to US$ 3.5 billion and decreased 3% for the full year to US$ 14.1 billion vs the comparable periods in 2009. Operating EBITDA increased 2% in Q4 2010 to US$ 482 million and decreased 13% for the full year to US$ 2.3 billion.

The increase in consolidated net sales in Q4 was due to a higher overall contribution, with lower sales from the US and Europe being offset by increases in the company’s other geographical markets, specifically its Mexican operations. The infrastructure and residential sectors were the main drivers of demand in most of CEMEX’s markets.

A statement from the company also indicated that operating income in Q4 2010 increased 28%, to US$ 125 million, from the comparable period in 2009 and decreased 27% to US$ 856 million for the full year 2010.

Fernando A. Gonzalez, Executive Vice President of Planning and Finance, said: “Despite the still challenging building materials demand environment in key CEMEX markets, we are pleased to deliver EBITDA growth in the fourth quarter. This marks an important inflection point in our performance. We remain focused in rightsizing our business as necessary, reducing our debt and proactively addressing our refinancing needs. The actions we have taken to adapt to market conditions have strengthened our business and better position us to benefit from the potential recovery in some of our key markets in 2011.”

Net income from continuing operations was a loss of US$ 581 million in the Q4 2010 vs a gain of US$ 265 million in the corresponding period of 2009.

Q4 highlights

Net sales in the company’s operations in Mexico increased 25% in Q4 2010 to US$ 902 million, compared with US$ 723 million in Q4 2009.

CEMEX’s operations in the US reported net sales of US$ 572 million in Q4 2010, down 5% from the same period in 2009.

In Europe, net sales for the quarter decreased 15% to US$ 1.1 billion, compared with US$ 1.3 billion in Q4 2009.

The company’s operations in South/Central America and the Caribbean reported net sales of US$ 366 million during Q4 2010, representing an increase of 7% over the same period of 2009.

Fourth-quarter net sales in Africa and the Middle East were US$ 264 million, up 1% from the same quarter of 2009.

Operations in Asia reported a 2% increase in net sales, to US$ 125 million vs Q4 2009.

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