Cementos Portland reports EUR29.6m loss in 1Q16

Spain’s Cementos Portland reported a loss of EUR29.6m (US$34m) in the first quarter of 2016, 0.4 per cent less than in 1Q15 due to a recovery in sales and savings in energy costs, the company informed the stock exchange commission CNMV.

Sales during the three-month period reached EUR129.8m, up 6.6 per cent thanks to improved performance in the USA, Tunisia and export markets. Volumes rose 12.4 per cent to 1.7Mt as exports from Spain increased, the US saw growth and Tunisia noted “a small advance”. The company also sold 51,000m3 of concrete (-25.6 per cent YoY), 153,000t of sand (+66.3 per cent), 54,000t mortar (+0.9 per cent).

EBITDA jumped 84.4 per cent to EUR11.6m as sales increased and savings in energy costs were made.

Net debt at the end of the quarter stood at EUR1382m. The company said that it is currently “working to refinance”  the EUR823m loan that will expire on 31 July 2016.