Cementos Pacasmayo reported a YoY drop in net profit of 17 per cent for 3Q14 as cement dispatches fell due to the deceleration in Peru’s economy.
In the July-September quarter, the company’s profit fell to PEN40.5m (US$14m) from PEN48.8m in 3Q13. Net sales fell six per cent YoY to PEN316.2m from PEN336.4m in 3Q13. Cost of sales decreased 7.3 per cent to PEN276.2m as did output, which saw a fall of 7.5 per cent to 578,000t.
However, in 9M14, Cementos Pacasmayo’s profit reached PEN121.3m, some 3.4 per cent higher than the PEN117.3 registered during the same period the previous year.
Sales decreased 0.4 per cent in 9M14, compared to 9M13, mainly due to a decrease in concrete sales. This was offset by an increase in quicklime sales. Cement sales volume remained flat (-0.1 per cent) in 9M14 versus the comparative period of 2013.
The company is continuing with the construction of its new 1.6Mta plant at Piura, in the north of Peru. The project represents an investment of PEN385m and is expected to start production in 2H15.
