Cemex Latam Holdings sales decline 36% in 2Q20
Cemex Latam Holdings, SA announced that in a quarter marked by significant disruption from the COVID-19 pandemic, sales declined by 36 per cent in 2Q20, while EBITDA fell by 32 per cent, in local-currency terms, YoY.
Cemex’s consolidated cement volumes declined by 33 per cent during the second quarter YoY. However, volumes recovered significantly in June, doubling the volumes sold during April. Quarterly consolidated prices for cement improved by four per cent YoY and remained stable sequentially, in local-currency terms. Cement pricing resilience in all our markets despite lower volumes.
Cemex generated US$11m in net income during the quarter, compared with a US$4m loss during the same period of last year.
Jesus Gonzalez, CEO of CLH, said: “Despite that our volumes were significantly impacted by the COVID-19 containment measures, we reacted quickly and obtained significant achievements during the second quarter.
Geographical markets 2Q20
Operating EBITDA in Colombia reached US$12m, 32 per cent lower in US dollar terms or 23 per cent lower in local-currency terms, compared with that of the second quarter of 2019. Net sales decreased by 45 per cent in US dollar terms or by 36 per cent in local-currency terms YoY, to US$67m.
In Panama operating EBITDA was negative US$3m during the quarter. Net sales reached US$7m during the second quarter. This was 86 per cent lower compared with those of the same period of 2019.
In Costa Rica operating EBITDA reached US$7m during the quarter, 27 per cent lower in US dollar terms or 29 per cent lower in local-currency terms, on a YoY basis. Net sales reached US$20m, a decline of 26 per cent in US dollar terms or of 28 per cent in local-currency terms, compared with those of the second quarter of 2019.
In the rest of the world of Cemex Latam Holdings operating EBITDA increased by 29 per cent in US-dollar terms or by 31 per cent in local-currency terms, to US$20m during the quarter. Quarterly net sales reached US$56m, up one per cent.
