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| Cemex Reports Trading Results for 1Q-'06 Mexico's Cemex announced that consolidated net sales in the first quarter of 2006 grew 52% to US$3.9 billion versus US$2.6 billion in the same quarter of 2005, primarily as a result of the acquisition of RMC. Sales increased in the majority of Cemex's markets due to higher demand for cement, ready mix, and aggregates. Infrastructure and residential sectors continue to be the main drivers of cement and ready-mix demand in the majority of Cemex's markets. EBITDA (operating income plus depreciation and amortization) increased to US$818 million, an increase of 29% over US$633 million achieved in the first quarter of 2005. During the first quarter of 2006, majority net income for the quarter increased 14%, to US$505 million from US$444 million in the first quarter 2005. Cost of sales and selling, general, and administrative expenses (SG&A) increased 64% and 41%, respectively, versus the first quarter of 2005 due primarily to the acquisition of RMC. Net debt at the end of the first quarter 2006 was US$8.5 billion, representing a reduction of US$202 million during the quarter, and US$2 billion since the end of the first quarter of 2005. The net-debt-to-EBITDA ratio improved to 2.3 times from 2.4 times at the end of fourth quarter 2005. Interest coverage reached 6.9 times during the quarter, up from 6.8 times a year ago. write your comments about the article :: © 2006 Construction News :: home page |