Mexican cement giant
Cemex says the increase in consolidated net sales on a like-to-like basis was due to higher prices in its products, in local currency terms, in most of its operations, as well as improved volumes in most of its products in Mexico, the US, and its Northern Europe and Asia regions.
The company’s operating earnings before other expenses, net, in the second quarter increased by 9%, to US$496 million. Operating EBITDA increased by 1% to US$744 million.
Fernando A. Gonzalez, Cemex chief executive officer, said: “We are pleased with our results. Our controlling interest net income during the quarter was the highest in six years. In addition, our operating EBITDA grew by 13% on a like-for-like basis. This is the third quarter with double-digit, like-for-like growth in EBITDA.
On the financing side, we are pleased to announce that as of today we have commitments from 19 financial institutions to fully repay approximately US$1.94 billion outstanding under our Facilities Agreement maturing in February 2017. The new debt is expected to have a final amortization in 2020 and benefit from a lower interest rate, which is expected to initially represent savings in our financial expense of close to US$20 million annually.”
