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Cemex posts US$86mn loss on low sales (Mexico)

Mexican cement manufacturer Cemex (NYSE: CX) posted a net loss of US$86.3mn for Q3 compared to a net profit of US$78mn in the same period last year.


The loss, which resulted from lower operating income and higher financial expenses, was partly mitigated by a US$109mn foreign exchange gain, the company said in its quarterly results report.


Net sales from the firm's continuing operations fell 2% year-on-year to US$3.77bn, as the US and European markets continued to slump. Mexico sales grew 14% year-on-year to US$868mn.


Ebitda for the quarter was US$649mn, down 13% compared with the prior-year period.


Cemex has struggled to pay back debt following its acquisition of Australian firm Rinker in 2007. The firm's total debt plus perpetual notes rose by US$226mn in Q3.



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