April 30, 2020 / 11:06 AM / a month ago

Mexico's Cemex profit up 8% on higher U.S. sales

April 30 (Reuters) - Mexican cement producer Cemex SAB de CV on Thursday reported an about 8% rise in quarterly profit, helped by higher sales in the United States, its biggest market.

Cemex's net income rose to $42 million in the first quarter, from $39 million a year earlier, while total net sales increased 2% to $3.1 billion, the company said. (bit.ly/2ySFAEi)

Monterrey-based Cemex, which operates in more than 50 countries, said it was deferring capital expenditure and cutting a percentage of employees’ salaries or allowances for a period of three months to save costs amid the coronavirus crisis.

In April, the company said that it was targeting $200 million in cost-savings in 2020. (Reporting by Ankit Ajmera in Bengaluru; Editing by Shailesh Kuber)

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