Mexico: Grupo Cementos de Chihuahuas sees 992% swell in 2014 net income

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Updated Mon, 02 Mar 2015 09:40:49 GMT

Grupo Cementos de Chihuahua (GCC) saw its consolidated net income surge by 992% in 2014 to US$37.3m. However, its net sales fell by 55.8% year-on-year in the fourth quarter of 2014 to US$3.69m. The quarterly drop was mainly due to tax charges for higher profits, compared with a tax credit in 2013.

Net sales grew by 18% to US$170m in the fourth quarter of 2014 and rose by 19.1% to US$667m in the entirety of 2014. Cement sales volumes rose by 10% in the fourth quarter and by 9% in the full year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2014 increased by 39.7% year-on-year to US$136m. EBITDA in the fourth quarter of 2014 grew by 34.8% quarter-on-quarter to US$34.1m.