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Cementos Pacasmayos announces its results

Published by
World Cement,


Cementos Pacasmayos and its subsidiaries has announced its consolidated results for 4Q16 and FY16, ended 31 December 2016.

4Q16 Highlights

(All comparisons are to 4Q15, unless otherwise stated)

  • Sales Volume of cement, concrete and blocks decreased by 12.7%. It is important to note that there was extraordinary spending associated with El Niño prevention in 4Q15. Compared to 3Q16, volumes increased 1.3%.
  • Revenues decreased 9.8% to PEN316.7 million.
  • Consolidated EBITDA of PEN88.8 million, a 20.4% decrease, primarily due to higher fixed costs resulting from lower sales volume, as well as one-off expenses related to the permanent environmental closure of our zinc operations and the dissolution of Calizas del Norte, the subsidiary which used to exploit the limestone mines that are now operated by third parties.
  • Net income of Continuing Operations of PEN10.2 million, an 83.3% decrease, primarily due to increased depreciation and the termination of borrowing cost capitalisation following the conclusion of the Piura plant project, as well as an increase in income tax rate and an adverse exchange rate effect.
  • In January, the Company announced that it had established 1 March 2017 as the effective spin-off date for FOSSAL S.A.A. The registration and exchange date will also be 1 March 2017.
   

FY16 Highlights

(All comparisons are to 2015, unless otherwise stated)

  • Sales volume of cement, concrete and blocks decreased 1%.
  • Revenues increased by 0.7% to PEN1240.2 million.
  • Consolidated EBITDA of PEN371.9 million, down 2.4% excluding non-operating income booked in 2Q15 from the sale of real estate assets. This EBITDA includes one-off expenses; excluding these expenses EBITDA would have been similar to FY15.
  • Net income of Continuing Operations of PEN119.5 million; a 43.6% decrease excluding non-operating income. This decrease is fully attributable to increased depreciation and to the termination of borrowing cost capitalisation following the conclusion of the Piura plant project, as well as an increase in income tax rate and an adverse exchange rate effect. Without these effects net income would have increased.

Read the article online at: https://www.worldcement.com/the-americas/16022017/cementos-pacasmayos-announces-its-results/


 

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