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News Loma Negra profit halves in 2012

Loma Negra profit halves in 2012

Written by Global Cement staff 13 March 2013
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Argentina: Loma Negra, a subsidiary of Camargo Correa of Brazil, has reported that its profits fell by half to US$43.9m in 2012 from US$96m in 2011. Sales dropped to US$688m from US$704m following the official currency quotation in December 2012. Cement and lime production fell by 9% to 5.7Mt from 6Mt.

Loma Negra's performance follows a general reduction in the construction sector in Argentina, where the construction index (ISAC) fell by 3.2% in 2012. Loma Negra has confirmed that its results were affected by the acquisition of a 35% stake in Paraguay's Cementos Yguazu at cost of US$19m. Camargo Correa holds a 70% stake in Yguazu, with 30% belonging to Concret Mix.

Published in Global Cement News
Tagged under
  • Argentina
  • GCW91
  • Loma Negra
  • Results

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