Mexico's Cemex reported a third-quarter loss on 22 October. Analysts had expected Cemex to turn a small profit, but a cut in expenses failed to offset a drop in revenue.
Cemex shares fell by over 5% after a conference call with executives. Analysts expressed concern over the drop in revenue in the latest quarter amid currency volatility and competition, and the outlook for growth in the low-single digits.
The company lost US$44 million compared to a loss of US$106 million a year earlier, adjusted for asset sales in the quarter.
Analysts had expected the company to report a US$1 million profit, helped by lower costs and expenses.
Revenue fell 9% to US$3.7 billion, which a 10% decline in expenses to US$800 million failed to offset.
Cemex and BirdLife, who formed a global biodiversity conservation partnership in 2007, held a ceremony endorsing the European Union’s Nature Conservation Policy.
Construction of the EURUS wind farm project was completed on 15 November 2009. The wind farm will supply approximately 25% of Cemex’s energy needs in its Mexican cement plants.