Spain-based cement producer Cementos Molins saw a negative effect of EUR11m (US$12.5m) in its business results in 2018 due to the hyperinflation and the devaluation of Argentina, according to Spanish economic and business newspaper Expansión. Its profit fell by four per cent to EUR85m in 2018.

The reduction of the Argentine’s subsidiary cash also affected the company’s debt levels, which increased by 22 per cent to EUR179m as a result of lower cash levels and investments made.