Mexico: Cemex's net loss narrowed in the fourth quarter of 2014 compared to the prior year as higher operating profits offset the effect on sales of weaker currencies against the US Dollar, according to Reuters.

Cemex reported a net loss of US$178m for the October - December 2014 period, compared with a loss of US$255m in the fourth quarter of 2013. Lower financial costs and higher operating profits helped to narrow the loss. Sales slipped by 1% in the quarter to US$3.8bn as weaker currencies against the US Dollar offset greater sales volume in most markets. Adjusting for exchange rates, sales were up by 5% from the fourth quarter of 2013. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 9% to US$701m in the quarter, bringing the total for the full year to US$2.7bn. Adjusting for currencies, EBIDTA was up by 16% in the quarter.

A construction recovery in Mexico led to a 5% rise in sales to US$827m, while in the US sales rose by 13% to US$923m. Sales fell in Europe and South and Central America, but rose in Asia. Globally, Cemex sold 17.2Mt of cement in the fourth quarter of 2014, up by 5% from the year-ago period.

Chief executive Fernando González said that Cemex narrowed its net loss in 2014 for a third consecutive year. Despite an earnings recovery, Cemex maintains high levels of debt that were taken on during past acquisitions. Cemex lowered its total debt in 2014 to US$16.3bn from US$17.5bn at the end of 2013. "We continue to improve our debt maturity profile and interest expense through our debt reduction of almost US$1.2bn and our refinancing activities of approximately US$5bn during the year," said González.

Cemex expects to sell up to US$1.5bn in assets over the next 12 - 18 months and that investments will reach US$800m in 2015. It expects cement sales volumes to grow by mid-single digits in 2015 and to generate US$300m in cost and spending reductions during the year. Cemex also expects to pay US$500m in debt payments in 2015.