Friday, December 3

Cemex reports below expectations; shares fall to the lowest level since March

The Mexican cement company Cemex, one of the largest in the world, released on Thursday a quarterly results report below expectations, which dragged its shares to levels not seen in seven months.

Cemex, with businesses in more than 50 countries, reported a net loss of 376 million dollars between July and September 2021, less than the loss of 1,535 million registered in the same period last year.

Its consolidated revenues grew 10% year-on-year, to $ 3,769 million, thanks to higher sales in practically all the regions where it operates, although in comparable terms the increase was 8 percent.

Still the report was seen as weak by some specialists. “Reported below expectations,” he wrote Alejandra Vargas, industrial sector analyst from Financial Group Go for More, on a note to your clients.

“Despite the fact that in some regions volumes remain strong and that the price scenario is quite favorable, the results were impacted by an increase in energy costs, imports and an increase in inflation,” he added.

Shares of the firm, based in northern industrial city Monterrey, fell 3.17% to 13.42 pesos at 9:26 am local time (2:26 pm GMT), leading the losses on the Mexican stock market. Shortly before, they had dropped to 13.25 units, their lowest level since March 25.

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