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CEMEX Q1 profit climbs 143.2% YOY

Cemex SAB de CV said its normalized net income for the first quarter was 18 Mexican centavos per share, a gain of 111.9% from 9 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 2.79 billion pesos, an increase of 143.2% from 1.15 billion pesos in the prior-year period.

The normalized profit margin declined to negative 0.1% from 2.1% in the year-earlier period.

Total revenue grew 12.2% year over year to 62.39 billion pesos from 55.62 billion pesos, and total operating expenses rose 7.3% on an annual basis to 52.48 billion pesos from 48.93 billion pesos.

Reported net income increased 442.6% on an annual basis to 3.66 billion pesos, or 24 centavos per share, from 675.4 million pesos, or 5 centavos per share.

As of April 26, US$1 was equivalent to 19.01 Mexican pesos.