Paraguay: INC back in profit, says company president

Paraguay’s Industria Nacional del Cemento (INC) is yielding profits again, according to its president Jorge Méndez Cuevas, although the company remains US$60m in debt.

“INC’s average monthly losses totalled nearly PYG4.5bn (US$1.017m). From September 2013, we started to yield positive results. That month posted a net profit of PYG1.43m, in October PYG955m, in November PYG1.03bn, in December PYG4bn and in January this year PYG1.283bn. We currently have a record PYG88bn in the treasury and have saved nearly US$10m in the purchase of fuel oil,” said Jorge Méndez Cuevas. 

“We have achieved these figures through good management and controls. We reduced overtime and travel expenses as well as increased production from 42,000 to 45,000 bags per day,” he explained.

INC said it was also buying its fuel oil more cheaply. It now purchases fuel oil at US$950/m3 rather than the previous price of US$1182/m3. Given its fuel oil requirement of 56,000m3, this enables the company to save around US$10.5m annually.