UPDATE 3-Mexico’s Cemex net profit almost doubles on RMC buy
Mexico’s Cemex (CX.N: Quote, Profile, Research), the world’s No. 3 cement maker, almost doubled its net profit in the third quarter from higher sales after the consolidation of its acquisition of Britain’s ready-mix concrete giant RMC.
Cemex (CEMEXCPO.MX: Quote, Profile, Research) said on Friday its July-September net profit was $675 million, lower than market forecasts, but up from $361 million a year earlier.
A Reuters’ survey of six analysts had yielded an average forecast that net profit for Cemex, which operates in more than 50 countries, would come in at $783 million.
Revenues soared 110 percent to $4.298 billion, largely boosted by income from Cemex’s $5.8 billion acquisition of RMC, the world’s largest ready-mix concrete maker.
Buying RMC doubled Cemex’s sales and also gave the Mexican company greater presence in mature European markets, such as Britain, Germany and France, and more sales stability than in its traditional emerging market base.
RMC also made Cemex the largest cement and ready-mix concrete producer in the United States, which became its largest market in terms of sales, ahead of its Mexican home base.
Core earnings before interest, taxes, depreciation and amortization (EBITDA), rose 54 percent to $1.011 billion, the first time the key profitability indicator has topped the $1 billion mark.
More: today.reuters.com
UPDATE 3-Mexico's Cemex net profit almost doubles on RMC buy
Mexico's Cemex (CX.N: Quote, Profile, Research), the world's No. 3 cement maker, almost doubled its net profit in the third quarter from higher sales after the consolidation of its acquisition of Britain's ready-mix concrete giant RMC.
Cemex (CEMEXCPO.MX: Quote, Profile, Research) said on Friday its July-September net profit was $675 million, lower than market forecasts, but up from $361 million a year earlier.
A Reuters' survey of six analysts had yielded an average forecast that net profit for Cemex, which operates in more than 50 countries, would come in at $783
RMC acquisition to boost profit for Mexico's Cemex
Mexico's Cemex, the
world's No. 3 cement maker, is expected to almost triple its
second-quarter net profit from the takeover of Britain's ready-
mix concrete producer RMC and from foreign exchange gains.
A Reuters survey of six analysts forecast, on average, that
Cemex (CX.N: Quote, Profile, Research) (CEMEXCPO.MX: Quote, Profile, Research) would report a net profit of $634
million for the April-to-June period, up from $247 million in
the same period a year earlier.
In March Cemex bought RMC, the world's largest ready-mix
concrete maker, for $5.8 billion, which strengthened its
business base in Europe and doubled sales.
"Above and beyond
RMC buy to double Mexico's Cemex net profit
Mexico's Cemex, the world's No. 3 cement maker, is seen doubling its third-quarter net profit from higher sales in the consolidation of Britain's ready-mix concrete giant RMC and financial gains.
A Reuters survey of six analysts forecast, on average, a July-September net profit for Cemex of $783 million, up 117 percent from a year earlier.
The survey forecast that Cemex's (CX.N: Quote, Profile, Research) (CEMEXCPO.MX: Quote, Profile, Research)
revenues will jump 114 percent in the quarter, largely boosted by income from its $5.8 billion acquisition of RMC, the world's largest ready-mix concrete maker.
Financial gains from
Mexico's Cemex sees Q4 EBITDA up 63 pct
Mexico's Cemex, the world's third biggest cement maker, expects a 63 percent rise in fourth-quarter earnings before interest, tax, depreciation and amortization to $950 million after a major acquisition boosted sales, the company said on Friday.
Cemex (CX.N: Quote, Profile, Research) (CEMEXCPO.MX: Quote, Profile, Research) said revenues would be above $3.9 billion in the October-December period, up 95 percent following the $5.8 billion purchase of Britain's RMC Group, the world's largest ready-mix concrete producer.
The acquisition of RMC, the biggest ever by a Mexican company, doubled Cemex's revenue base and handed it new markets in
UPDATE 1-Mexico's Telmex quarterly net profit leaps
Leading Mexican telephone company Telmex said its second-quarter net profit jumped 42 percent, boosted by new businesses in Brazil and Chile.
Telmex (TMX.N: Quote, Profile, Research)(TELMEXL.MX: Quote, Profile, Research), owned by Mexican entrepreneur Carlos Slim, said on Tuesday that it had a April-June net profit of 6.530 billion pesos ($606 million).
The bottom line was sharply higher than market expectations. A Reuters survey forecast Telmex would report a net profit of 5.900 billion pesos.
Telmex included in its results its recently acquired Brazilian long-distance operator Embratel (EBTP4.SA: Quote, Profile, Research) and Chilean company Chilesat (TLX.SN: Quote, Profile,
UPDATE 3-Political ads boost Q2 profit at Mexico's Televisa
MEXICO CITY, July 14 (Reuters) - Mexican broadcaster Televisa's second-quarter net profit rose 165 percent, driven by rising political advertising and better results at its satellite business, the company said on Thursday.
It also increased its broadcast television sales outlook for the rest of the year.
Televisa (TV.N: Quote, Profile, Research)(TLEVISACPO.MX: Quote, Profile, Research) earned 1.277 billion pesos ($118.5 million) in the quarter to end-June compared with 482 million pesos a year earlier, when it had a one-time charge from losses at its Sky satellite unit.
More: today.reuters.com
UPDATE 1-Mexico's Geo 3rd-qtr net profit rises 32 pct
Geo, Mexico's No. 1 home builder, posted a 32 percent rise in third-quarter net profit from a sales surge during a nationwide housing boom.
Geo (GEOB.MX: Quote, Profile, Research) said on Wednesday net profit in the July-September period was 267 million pesos ($25 million) as revenues rose 24 percent.
Revenues at Geo jumped to 2.657 billion pesos as the company sold 9,624 houses in the period, up from 8,600 homes in the same quarter a year earlier.
Geo said its core earnings before interest, taxes, depreciation and amortization rose 31 percent to 641 million pesos.
"For
UPDATE 1-Mexico's Kimber net tumbles on currency hedge
Kimberly-Clark de Mexico (Kimber), the country's top paper products company, said on Thursday its third-quarter net profit was down 10 percent, hit by a badly-timed currency hedge.
Kimber earlier this year made a hedge against a weak peso until 2007, covering potentially volatile presidential elections next year.
But the Mexican currency has strengthened recently, gaining 1.3 percent during the last quarter.
"Net profit was affected by a high integral financing cost which continues to reflect the relative strength of the Mexican peso during 2005," Kimber (KIMBERA.MX: Quote, Profile, Research) said.
The company, minority-owned by U.S.-based Kimberly-Clark Corp.
Mexico's Penoles 4th-qtr net profit jumps 37 pct
Mexico's Penoles, the world's top silver producer, said on Friday its fourth-quarter net profit rose 37 percent, helped by high world silver prices.
Penoles (PENOLES.MX: Quote, Profile, Research) said its profit in the October through December period hit 555 million pesos ($52 million), and revenue rose 38 percent to 6.121 billion pesos.
Despite pricing volatility in recent weeks, silver has largely held above $9.00 an ounce, and early this month hit a 22-year high close to $10 per ounce.
Penoles has shown strong earnings performance over recent quarters, also benefiting from a surge in the prices
UPDATE 2-Mexico's Cemex sees EBITDA up 50 pct after RMC buy
Mexico's Cemex, the world's No. 3 cement maker, said on Monday it saw third-quarter earnings before interest, depreciation and amortization
(EBITDA) close to $1 billion, up 50 percent from a year earlier on higher sales.
Cemex (CX.N: Quote, Profile, Research) (CEMEXCPO.MX: Quote, Profile, Research) said revenues would reach $4.4 billion in the July-September period, up 115 percent and largely boosted by income from the $5.8 billion acquisition of Britain's RMC Group, the world's largest ready-mix concrete maker.
Cemex did not mention any impact of the expected massive reconstruction program in
