UPDATE 1-Mexico’s Cemex posts quarterly loss due to coronavirus-led lockdownsBlau Medical News
(Adds CEO comment, background, details on results)
July 27 (Reuters) – Mexican cement producer Cemex SAB de CV on Monday reported a loss for the second quarter, hurt by sales declines across most of its markets due to coronavirus-led lockdowns.
The United States, Cemex’s biggest market, was the only region to report positive sales growth of 1%.
Its other markets including Mexico, Europe, Middle East, Africa and Asia, and South, Central America and the Caribbean posted declines of between 10% and 30%.
Net loss was $44 million in the second quarter, compared with a profit of $155 million a year earlier.
“In the quarter, we saw a rapid V-shaped volume recovery in our core products from trough levels in April, reaching slightly below pre-COVID-19 volumes in June,” Chief Executive Officer Fernando González said.
“We expect that COVID-19 will continue to challenge our operations in new ways over the next few quarters.”
Monterrey-based Cemex, which operates in more than 50 countries, said earlier this year it was delaying capital expenditure and cutting a percentage of employees’ salaries or allowances for a period of three months to cut costs amid the coronavirus crisis. (Reporting by Ankit Ajmera in Bengaluru; Editing by Aditya Soni)