CBB sees profit fall by 89% in the 1Q22

In the first quarter of 2022, Chile-based Cementos Bío-Bío (CBB) has reported a 14.4 per cent advance in revenues to CLP77,062m (US$92.8m) from CLP67,373m in the 1Q21, according to Valor Futuro.

EBITDA decreased by 10.2 per cent to CLP9619m, which the company attributed to “lower cement shipments and lower profit margins on cement and lime that decreased gross profit. Added to this is the increased cost of distribution, which is partly offset by the income generated from the sale of property, and recovery of insurance associated with operational problems in the Antofagasta Plant,” said the company.

CBB’s net profit declined 88.5 per cent YoY to CLP478.9m in the 1Q22 from CLP4148.5m in the year-ago period.