UPDATE 1-Cement company Cemex Latam posts Q2 earnings of $115 mln
BOGOTA, July 24 (Reuters) - Cemex Latam Holdings, the regional unit of Mexican cement company Cemex, which listed on Colombia's stock exchange last year, posted a second-quarter profit of $115 million on Wednesday, versus $26 million in the first quarter.
Net sales in the second quarter rose 8 percent to $431 million due to a pick-up in construction activity and higher prices, the company said in an earnings report filed with Colombia's securities regulator, Superintendencia Financiera.
Cemex Latam Holdings incorporates the assets of the conglomerate in Colombia, Panama, Costa Rica, Brazil, Guatemala, Nicaragua and El Salvador.
"Our solid performance has resulted in strong cash flow generation, which going forward should contribute to strengthening our business strategy, financing our expansion plans and reducing our debt," it said.
The holding's net debt stood at $1.4 billion by the end of the second quarter.
Cemex Latam Holdings debuted on Colombia's stock exchange last November.
- Protesters stay out on Hong Kong streets, defying Beijing |
- Hong Kong protesters stockpile supplies, fear fresh police advance |
- Stocks head for worst quarter since euro crisis, dollar soars
- China OKs iPhone 6 sale after Apple addresses security concerns
- U.S.-led air strikes pose problem for Assad's moderate foes