Monday, March 11, 2013

Loma Negra's production fell 9% last year

Correction: contrary to previously informed, the shareholding structure of Cement Yguazu is 70% for Camargo Correa and 30% to the Paraguayan Concret Mix. With the increase in participation of Camargo Correa, Votorantim is no longer part of the project. The text has been corrected.
The Loma Negra cement, Argentine industry controlled by Brazil's Camargo Corrêa, reduced in 2012 its cement production at 9%, according to the report submitted by the company to the National Commission, the regulator of the capital market in Argentina. According to the report, were produced 5.7 million tons of cement and lime last year, down from 6 million in 2011.
Sales revenues decreased in dollar. According to the balance sheet, the company posted revenues of 3.3 billion pesos, the equivalent of $ 688,3 million by 31 December official quote. In 2011, there were billed in the currency similar to $ 703,9 million. The net profit would have shrunk to the equivalent of $ 43.9 million, up from $ 96 million in 2011, taking as a reference the last official listing of the dollar in the period.
The result of the Loma Negra is aligned to the retraction of the construction sector in Argentina in 2012, in which the construction index (ISAC) measured by the Government fell 3.2%. According to the report, the prospect for 2013 is a resumption of 5% in the activity.
In the report, the Loma Negra claimed the result was affected by the investment made in Paraguay. The company acquired by the Votorantim 35% stake in Yguazu, Cement by the equivalent of about $ 19 million. Camargo Correa now controls the cement works with 70%, and the remaining 30% belong to the Paraguayan Concret Mix. This is an overall investment of $ 160 million, 70% of which financed by the Inter-American Development Bank (IDB), which will have a production capacity of 400 thousand tons of cement per year.
Valor Econômico
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