April 29, 2014 / 2:35 PM / in 4 years

Cemex Latam's profit more than doubles in first quarter

BOGOTA, April 29 (Reuters) - Cemex Latam Holdings, the Colombia-listed regional subsidiary of Mexican cement maker Cemex, said on Tuesday that its first-quarter profit more than doubled due to increased sales.

Net profit rose to $55 million from $26 million a year earlier, while consolidated net sales increased 10 percent to $423 million.

“We’re upbeat about the fast pace of construction in most of our markets,” said Chief Executive Officer Carlos Jacks. “This is reflected in the double-digit growth rates in our consolidated volumes of cement, concrete and aggregates during the first quarter of 2014.”

The company’s debt fell 18 percent to $1.234 billion at the end of March from a year earlier.

Cemex Latam Holdings, which listed on Bogota’s stock exchange in 2012, includes the assets of the Mexican conglomerate in Colombia, Brazil, Panama, Costa Rica, Guatemala, Nicaragua and El Salvador.

Reporting by Nelson Bocanegra; Writing by Peter Murphy; Editing by Lisa Von Ahn

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