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CEMEX swings to profit in Q1

Cemex SAB de CV said its first-quarter normalized net income amounted to 8 Mexican centavos per share, compared with a loss of 3 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 929.8 million pesos, compared with a loss of 532.0 million pesos in the year-earlier period.

The normalized profit margin increased to 2.1% from negative 1.1% in the year-earlier period.

Total revenue climbed 14.3% year over year to 57.09 billion pesos from 49.93 billion pesos, and total operating expenses rose 13.0% from the prior-year period to 50.70 billion pesos from 44.88 billion pesos.

Reported net income totaled 614.0 million pesos, or 6 centavos per share, compared with a loss of 2.22 billion pesos, or a loss of 14 centavos per share, in the prior-year period.

As of June 7, US$1 was equivalent to 18.54 Mexican pesos.