Cemex sales down –28%

27 January 2010

Cemex had revenues of US$ 14.5 billion last year, a -28% decrease on 2008. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell -35% to US$ 2.7 billion.

Last year saw the sale of Cemex's businesses in Australia and the Canary Islands, as well as the discontinuation of its Venezuelan operations, following their expropriation by the government. As a result, the company said like-for-like sales were only down -20% and EBITDA was down -25% on the same basis.

Cemex said the decline in sales over the final quarter of the year was due to lower volumes and prices in Spain and the US. It did however cite evidence of the market stabilising in the US, with highway contract awards and housing starts rising again."

Hector medina, executive vice president of finance and legal affairs said, "During the fourth quarter and throughout 2009, we have been faced with the continuing global economic slowdown and a challenging business environment. However, following our debt refinancing, our equity capital issuance, the sale of our Australian operations and through our global cost-reduction efforts, we believe we are strategically aligned as a leaver and more agile company and will be able to successfully adapt to the changes in economic environment."

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