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CEMEX swings to loss in Q3

Cemex SAB de CV said its third-quarter normalized net income amounted to a loss of 253.1 million pesos, compared with income of 35.2 million pesos in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 0.4% from 0.1% in the year-earlier period.

Total revenue climbed 14.0% year over year to 60.57 billion pesos from 53.15 billion pesos, and total operating expenses increased 14.2% on an annual basis to 54.75 billion pesos from 47.94 billion pesos.

Reported net income totaled a loss of 825.5 million pesos, or a loss of 6 centavos per share, compared with a loss of 1.55 billion pesos, or a loss of 11 centavos per share, in the year-earlier period.

As of Oct. 21, US$1 was equivalent to 16.65 Mexican pesos.