On October 22, Cemex Latam Holdings announced that its consolidated net sales reach US$354 million during 3Q15. This is a decrease of 23% compared to the same period in 2014. The decline was primarily caused by currency fluctuations and lower sales in its operations in Colombia and Panama. Adjusting for currency fluctuations consolidated net sales during 3Q15 remained flat, on a year-by-year basis. Operating EBITDA, also adjusted for currency fluctuations, declined by 10% during the 3Q15 compared with in 2014. Consolidated domestic grey cement, ready-mix and aggregates volumes decreased by 5%, 8% and 7% respectively, compared to the same period last year.
In Colombia, domestic grey cement and aggregates volumes declined by 9% and 3% respectively during the first nine months of the year. Ready-mix volumes remained flat in comparison to the same period in 2014. Compared with 2Q15, domestic grey cement volumes increased by 7%, although ready-mix and aggregates volumes decreased by 4% and 6% respectively.
In Panama, domestic grey cement, ready-mix and aggregates volumes decreased by 23%, 20% and 1% respectively in 3Q15, compared with 3Q14.
Volumes for domestic grey cement and ready-mix in Costa Rica grew significantly compared to 2014. Aggregates volumes however, declined by 8% during the quarter, but increased by 20% during the first 9 months of the year.
Free cash flow after maintenance capital expenditures reached US$51 million during 3Q15, a decrease of 53% compared with the 3Q14.
Carlos Jacks, CEO of CLH, said, “We are pleased with the performance of our operations in Costa Rica, Nicaragua and Guatemala. Additionally, our cement volumes in Colombia continued with a positive trend in the third quarter, increasing by 7% and 18% compared to the second and first quarter of this year respectively. We have seen progress towards improving our profitability, which has been affected by the severe depreciation of the Colombian peso. Despite of the challenging economic environment, we remain confident on the fundamentals of our markets and the opportunities they offer to our company.”
Adapted from press release by Rebecca Bowden
Read the article online at: https://www.worldcement.com/the-americas/23102015/cemex-latam-3q15-results-836/