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CEMEX Q1 loss narrows YOY

Cemex SAB de CV said its normalized net income for the first quarter came to a loss of 1 Mexican centavos per share, compared with the S&P Capital IQ consensus estimate of 1 centavos per share.

The per-share loss decreased 86.6% year over year from 10 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 196.4 million pesos, compared with a loss of 1.43 billion pesos in the prior-year period.

The normalized profit margin climbed to negative 1.1% from negative 3.0% in the year-earlier period.

Total revenue climbed 7.9% year over year to 51.24 billion pesos from 47.47 billion pesos, and total operating expenses climbed from the prior-year period to 45.64 billion pesos from 44.16 billion pesos.

Reported net income came to a loss of 2.24 billion pesos, or a loss of 16 centavos per share, compared with a loss of 3.87 billion pesos, or a loss of 28 centavos per share, in the year-earlier period.

As of April 24, US$1 was equivalent to 15.38 Mexican pesos.