Markets News

Mexico's CEMEX posts $1.5 billion third-quarter loss

MONTERREY, Mexico, Oct 28 (Reuters) - Mexican cement producer Cemex on Wednesday reported a net loss of $1.5 billion in the third quarter, following a $44 million second-quarter loss caused by plummeting sales amid coronavirus-related lockdowns in most of its markets.

The company, which operates in more than 50 countries, said the third-quarter loss reflected $1.5 billion of impairment of goodwill and assets, as well as higher financial expenses.

In the third quarter of 2019, the company reported net income of $187 million.

CEMEX reported a 3% increase in sales compared with the same quarter last year, driven by increased volumes in Mexico, Europe, the Middle East, Africa and Asia. Net sales totalled $3.4 billion in the quarter.

Cement sales fell in all of CEMEX’s markets in the second quarter except for the United States, driven by coronavirus-related government restrictions, including industry shutdowns in Colombia, Panama and Trinidad and the two-month closure of a plant in the Philippines. (Reporting by Laura Gottesdiener; Editing by Kim Coghill)