Mexico's Cemex quarterly sales fall 3% on lower volumes

Reuters | Updated: Jul 25, 2019, 16:34 IST

(Adds details)July 25 (Reuters) - Mexican cement producer Cemex SAB de CV on Thursday posted a 3% fall in quarterly sales, hurt by lower volumes.Consolidated ready-mix and aggregates volumes fell 5% and 6% in the second quarter.However, Chief Executive Officer Jaime Muguiro said cement demand trends remained positive in Colombia, but it was not enough to offset increases in coal, electricity and distribution costs in Colombia, and weaker markets across Central America.Monterrey-based Cemex, which operates in more than 50 countries, has been waging a campaign to cut costs and divest to regain its investment-grade rating.In May, the company signed a final agreement to divest assets in Germany, saying it would use the proceeds for debt reduction and general corporate purchases.The company's controlling interest net income fell 58.7% to $155 million in the second quarter from $376 million a year earlier.Total net sales fell to $3.5 billion. (Reporting by Sanjana Shivdas in Bengaluru; Editing by Maju Samuel)

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