LIMA, Peru--(BUSINESS WIRE)--Cementos Pacasmayo S.A.A. and subsidiaries (NYSE:CPAC; BVL:CPACASC1) (“the Company” or “Cementos Pacasmayo”) a Peruvian cement company, announced today its consolidated results for the second quarter (“2Q14”) and six-month (“6M14”) ended June 30, 2014. These results have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are stated in nominal Peruvian Nuevos Soles (S/.).
It is important to note the following highlights:
- Cement sales volume increased 3.5% in 6M14, compared to 6M13, exceeding the national average of 0.84%1.
- Sales increased 2.9% in 6M14, compared to 6M13, mainly due to a 3.5% increase in cement sales and a 57.2% increase in quicklime sales. This was offset by a decrease in concrete sales.
- Gross profit decreased 4.1% in 6M14, compared to 6M13, mainly due to temporary consumption of imported clinker and a decrease of concrete demand.
- Operating profit decreased 9.0% in 6M14, compared to 6M13, mainly due to higher expenses related to severance payments, increases in salaries and an increase in employee profit sharing resulting from higher income tax.
- Net income increased 18.0% in 6M14, compared to 6M13, mainly explained by a lower net loss from exchange rate.
- Consolidated EBITDA was S/. 164.6 million in 6M14 vs. S/. 172.8 million in 6M13
- In July 2014, for the fifth consecutive year, Cementos Pacasmayo was selected as part of the Good Corporate Governance Index by the Lima Stock Exchange. Additionally, the Company was awarded with a special recognition for obtaining the highest sustained growth in the last 5 years.
For a full version of Cementos Pacasmayo’s Second Quarter 2014 Earnings Release, please visit http://www.cementospacasmayo.com.pe/investors/
1 Cement sales volume during 6M14 includes the cement used for the construction of the new Piura plant. National average figures come from ASOCEM.
CONFERENCE CALL INFORMATION:
Cementos Pacasmayo will host a conference call TOMORROW, Friday, July 25, 2014, to discuss these results at 11:00 a.m. New York time/10:00 a.m. Lima time.
To access the call, please dial:
+1 800 311 9401 (From within the U.S.)
+1 334 323 7224 (All other participants)
There will also be a live Audio Webcast of the event at: http://www.videonewswire.com/event.asp?id=99707
Acerca de Cementos Pacasmayo S.A.A.
Cementos Pacasmayo S.A.A. is a cement company, located in the Northern region of Peru. In February 2012, the Company’s shares were listed on The New York Stock Exchange - Euronext under the ticker symbol "CPAC". With more than 56 years of operating history, the Company produces, distributes and sells cement and cement-related materials, such as concrete blocks and ready-mix concrete. Cementos Pacasmayo’s products are primarily used in construction, which has been one of the fastest-growing segments of the Peruvian economy in recent years. The Company also produces and sells quicklime for use in mining operations.
For more information, please visit: http://www.cementospacasmayo.com.pe/investors/
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, Company performance and financial results. Also, certain reclassifications have been made to make figures comparable for the periods. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.