Cemex Latam Holdings SA (CLH) announced today that consolidated net sales reached US$316m during the 1Q16, a decline of 11 per cent versus 1Q15. This decline is mainly explained by foreign-exchange fluctuations and lower sales in our operations in Panama and Costa Rica.

Adjusting for foreign-exchange fluctuations, consolidated net sales in the first quarter rose by three per cent, on a YoY basis. Operating EBITDA, also adjusted for foreign-exchange fluctuations, increased by six per cent, during the first quarter of 2016, compared with the same period in 2015.

During the first quarter of 2016, CLH's consolidated cement volumes increased by one per cent, while ready-mix and aggregates volumes declined by 13  and 18 per cent, respectively, compared with the first quarter of last year.

Operating EBITDA in Colombia decreased by eight per cent to US$55m versus US$59m in the 1Q15, with a decline of 11 per cent in net sales reaching US$157m.

In Panama operating EBITDA decreased by 14 per cent to US$25m during the quarter. Net sales reached US$63m in the 1Q16, a decrease of 13 per cent compared with the same period in 2015.

In Costa Rica operating EBITDA reached US$17m during the quarter, decreasing by 14 per cent compared with the same period a year ago. Net sales declined by 10 per cent to US$39m, compared with the first quarter of 2015.

In the rest of CLH region net sales during the quarter reached US$62m. Operating EBITDA in the quarter declined by two per cent, versus the comparable period in 2015, reaching US$19m.

Carlos Jacks, CEO of CLH, said, “In the first quarter, adjusting for foreign-exchange fluctuations, our consolidated net sales and EBITDA increased by three and six per cent, respectively, versus the comparable period in 2015. We are pleased with these achievements in light of the volume decline related to the tough comparison basis associated to our high level of exposure to infrastructure projects in Panama and Costa Rica last year.”