Peru: Cementos Pacasmayo 3Q16 net income falls 21.7%

Cementos Pacasmayo SA's consolidated results for the 3Q16 and nine months (9M16) ended 30 September 2016 recorded cement, concrete and concrete block volumes were down 1.6 per cent, largely due to extraordinary spending in regard to El Niño prevention in 3Q15, says Businesswire.

Revenues rose 0.4 per cent to PEN314.2m (US$83.5m), while the consolidated EBITDA of PEN04.5m was up 4.9 per cent. Net income of PEN43.3m, down 21.7 per cent, due to the termination of borrowing cost capitalisation and increased depreciation following the conclusion of the new Piura cement plant project.

Compared to 2Q16, results have continued strengthening. Gross margin increased 0.5 percentage points, EBITDA margin increased 2.4 percentage points, and net income margin increased 3.4 percentage points.

For 9M16 highlights 
(all comparisons are to 9M15, unless otherwise stated) volumes of cement, concrete and blocks rose 3.6 per cent, while revenues rose 5.2 per cnet to PEN925.4m. Consolidated EBITDA of PEN283.1m was up 5.1 per cent, excluding non-operating income booked in 2Q15.

Net income of PEN102.4m reflected a 29.9 per cent decrease, excluding non-operating income, due to lower gross profit in 1Q16 and the termination of borrowing cost capitalisation and increased depreciation following the conclusion of the Piura plant project.