* Q4 loss of $209 mln excludes Australian ops
* Analysts f’cast $519 mln loss incl Australian assets
* Q4 net income from continuing ops $265 mln
(Recasts with market expectations)
MONTERREY, Mexico, Jan 26 (BestGrowthStock) – Mexico’s Cemex
reported a net loss of $209 million in the fourth-quarter on
Tuesday, excluding losses from the Australian operations it
sold during the period, as cement sales failed to recover.
Last October, Cemex, the world’s No. 3 cement maker,
(CMXCPO.MX: ) (CX.N: ), sold its Australian operations for $1.7
billion, which was less than their book value, as the company
scrambled to sell assets to pay its hefty debt.
Cemex, which is suffering from a collapse in its U.S. and
European cement volumes due to the global recession, said its
revenues in the quarter dropped 17 percent to $3.4 billion.
In a statement to the media, Monterrey-based Cemex only
reported net income from continuing operations — a $265
million gain in the fourth quarter of 2009.
A Reuters poll of seven analysts forecast a loss of $519
million for Cemex in the October-to-December period, taking
into account the $446 million the company lost on selling its
Australian assets.
Cemex reported its full earnings on its website.
Earnings before interest, taxes, depreciation and
amortization (EBITDA) slid 37 percent to $474 million.
Including Australian assets, Cemex posted a $707 million
loss in the fourth quarter of 2008.
Cemex also said Mexico’s fiscal reform passed last year
will mean it will pay a total of $799 million in additional
taxes between 2010 and 2019.
Investing Analysis
(Reporting by Robin Emmott and Gabriela Lopez; Editing by
Lincoln Feast)
UPDATE 1-Cemex posts 4th-qtr loss as cement sales slide
