CEMEX Latam Holdings, S.A. has announced its 1Q13 results, revealing that consolidated net sales (after adjustments for fewer business days in the quarter) increased 3% y/y to US$383 million. Using the same adjustments, operating EBITDA was up 15% y/y to US$141 million. Results are given on a pro forma basis. The company attributed the growth to higher prices in local currency terms. Free cash flow after maintenance capital expenditures was US$51 million, while net operating earnings before other expenses increased 2% y/y to US$118 million. Controlling interest net income gained US$26 million in the quarter, while net debt was US$1.5 billion.
A particular regional highlight was Costa Rica, in which operating EBITDA was up 19% y.y to US$15 million and net sales increased 7% to US$35 million. In Colombia, operating EBITDA increased 4% y/y to US$87 million despite a 3% decrease in net sales. Similarly, in Panama, operating EBITDA rose 4% to US$34 million, though net sales were down 6%.
Carlos Jacks, CEO of CLH, said, "We continue delivering strong results as evidenced by our 15% growth in operating EBITDA on a comparable basis, as well as by the margin expansion of 3.5 percentage points in operating EBITDA margin during the quarter. We continue to expect a solid macroeconomic outlook and favourable industry fundamentals in our region that will translate into increased consolidated volumes. We are well-positioned to capture this growth, supported by our customer solutions strategy for the different segments which we serve."
