Developed markets hit Cemex figures

Cemex's sales for the second quarter of the year were down -34% on the same period last year to US$ 4.19 billion. Earnings before interest, tax, depreciation and amortisation (EBIDTA) were US$ 812 million, a -41% drop.

The company said that on a like-for-like basis, its revenues were down -20%. This figure excludes its expropriated Venezuelan operations for Q2 2008 figures, along with other disposals and currency fluctuations. Similarly, it said its like-for-lie EBIDTA was down -27%.

Cemex saw a steep fall in business in the US, Spain and the UK over the second quarter. In the US its volume sales of cement, ready-mixed concrete and aggregates were down -37%, -45% and -40% respectively in the second quarter, compared to a year ago. In the UK, the falls stood at -23%, -28% and -24%. However, the steepest declines were seen in Spain, with Cement sales down -43% and ready-mixed volumes down -46%.

Falls in sale were less severe in other parts of Europe, Latin America, Asia and the Africa/Middle East regions. However, Cemex also big drops in volumes in Australia, with ready-mixed volumes down -27% and aggregates sales falling -31%.

The ‘least worst' performance for the company was in its home market of Mexico, where cement volumes were down just -1% and ready-mixed concrete volumes fell -8% in the quarter, compared to a year ago.