Cemex has reported net income of $289m during the second quarter of 2017, an increase of 41% compared with the same period last year.
Cemex, which has operations in over 50 countries, said that consolidated net sales in the second quarter of 2017 fell to $3.6bn, representing a decline of 1%, or an increase of 2% on a like-to-like basis “for the ongoing operations and adjusting for currency fluctuations” compared with the second quarter of 2016.
Cemex said that the increase on a like-for like basis was due to higher prices of the company’s products, in local currency terms in Mexico and the US as well as higher volumes in Europe.
Net sales in in Mexico increased 5% on a like-to-like basis in the second quarter of 2017 to U.S.$810m, compared with U.S.$796m in the second quarter of 2016.
Cemex’ operations in the US reported net sales of $916m in the second quarter of 2017, an increase of 4% on a like-to-like basis from the same period in 2016.
Operations in South, Central America and the Caribbean reported net sales of U.S.$479m during the second quarter of 2017, representing a decrease of 9% on a like-to-like basis over the same period of 2016.
Meanwhile, in Europe, net sales for the second quarter of 2017 increased 2% on a like-to-like and on a year-by-year basis to 934m.
Operations in Africa, Middle East and Asia reported a 5% fall on a like-to-like basis in net sales for the second quarter of 2017, to $327m, compared to the second quarter of 2016.
Cemex’ chief executive Fernando A. Gonzalez, said: ‘Our second-quarter operating and financial performance was essentially in line with our expectations as of the first quarter: good results in Mexico, the US and Europe; and increasing challenges in Colombia and Egypt, and to a much lesser extent the Philippines. In addition, we continue to further strengthen our balance sheet where the financial markets have allowed us to execute on our targets a bit faster than we anticipated earlier in the year.”
