Cemex Latam Holdings (CLH) has reported net sales of US$354 million for 1Q15, down 16% y/y. The drop is due in part to foreign exchange fluctuations and a 15% drop in cement volumes in Colombia. Adjusting for exchange rate effects, the decline in net sales was 5% y/y.
Consolidated cement volumes fell 8% y/y, while ready-mix and aggregates volumes were up 4% and 8%, respectively. Sales in Costa Rica and Nicaragua increased, while in Panama cement volumes were up 9%, ready-mix were down and aggregates were stable.
Carlos Jacks, CEO of CLH, said, “During the first quarter we reached record sales in Costa Rica, as well as record first-quarter sales in Nicaragua. This positive performance in both operations was offset by the lower cement volumes in our operations in Colombia. Despite this volume decline during the first quarter, we continue to expect a positive volume performance for the full year.”
Jacks added, “We already started operations in our expansion project in Nicaragua, and advanced considerably with our cement capacity expansion projects in Colombia and Costa Rica. We remain optimistic with the industry fundamentals in our main markets. We expect the infrastructure and housing sectors to remain important drivers for demand of our products over the following years.”
Adapted from press release by Katherine Guenioui
Read the article online at: https://www.worldcement.com/the-americas/24042015/cemex-latam-holdings-reports-1q15-results-742/