Cemex grows profit by 3percent to $3.65 bn in first 9 months of 2016

Cemex grows profit by 3percent to $3.65 bn in first 9 months of 2016

Mexico: Cemex's net sales have fallen by 2 per cent year-on-year to $10.5 billion in the first nine months of 2016 from $10.7 billion in the same period in 2015. However, in a like-for-like basis adjusted for ongoing operations and currency fluctuations, its sales rose by 5 per cent. Its gross profit rose by 3 per cent to $3.65 billion and its operating earnings before interest, taxation, depreciation and amortisation (EBTIDA) rose by 9 per cent to $2.14 billion. It attributed the rise in sales on a like-for-like basis to higher prices in local currency terms and higher volumes in Mexico and its European and Asia, Middle East & Africa regions. "During the third quarter, we continued to deliver strong underlying operational and financial results by remaining focused on the variables we can control. Our year-to-date operating EBITDA grew 17 per cent on a like-for-like basis, with a 5 per cent growth in sales. This was the highest year-to-date EBITDA growth in a decade," said the group's Chief Executive Officer, Fernando A Gonzalez. Overall, the cement producer saw its cement volumes rise by 1 per cent to 50.8 MT from 50.1

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