Cemex Latam Holdings records net sales decline of 8% in 3Q20

Cemex Latam Holdings announced that its consolidated net sales declined by eight per cent in 3Q20 and EBITDA improved by 19 per cent compared to 3Q19. A controlling interest net loss of US$109m was recorded during the 3Q20.

Operating EBITDA in Colombia reached US$28m, 59 per cent higher on a like-to-like basis compared to 3Q19. Net sales rose by one per cent to US$115m on a like-to-like basis compared to 3Q19.

In Panama operating EBITDA reached US$1m up 54 per cent compared with 3Q19. Net sales totalled US$21m, down 12 per cent on 3Q19.

The rest of the Cemex Latam Holding's operations saw EBITDA rise by 52 per cent on a like-to-like basis to US$21m. Net sales totalled US$60m, up 19 per cent compared to 3Q19.

Jesus Gonzalez, CEO of Cemex Latam Holdings, said: "Our operations could run relatively normally during the third quarter in Colombia, Guatemala, Nicaragua and El Salvador, while restrictions impacted in Panama and to a lesser degree in Costa Rica. Despite a decline in sales  during the quarter, we improved our EBITDA by 19 per cent on a like-to-like basis, supported by pricing and our cost-savings programme. Our quarterly EBITDA margin reached the highest level since the fourth quarter of 2017. Additionally, we reduced our net debt by US$48m and our leverage ratio by 0.4x, from 4.1 in June to 3.7x in September."