LIMA, Peru--(BUSINESS WIRE)--
Cementos Pacasmayo S.A.A. and subsidiaries (NYSE:CPAC) (BVL:CPACASC1) (“the Company” or “Cementos Pacasmayo”) a leading cement company serving the growing Peruvian construction industry, announced today its consolidated results for the third quarter (“3Q16”) and nine months (9M16) ended September 30, 2016. These results have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are stated in nominal Peruvian Soles (S/).
Financial and Operational Highlights:
3Q16 Highlights
(All comparisons are to 3Q15, unless
otherwise stated)
- Volumes of cement, concrete and blocks were down 1.6%, basically due to extraordinary spending due to El Niño prevention in 3Q15
- Revenues rose 0.4% to S/ 314.2 million
- Consolidated EBITDA of S/ 104.5 million, up 4.9%
- Net income of S/ 43.3 million, down 21.7%, due to the termination of borrowing cost capitalization and increased depreciation following the conclusion of the Piura plant project
- Compared to 2Q16, results have continued strengthening: gross margin increased 0.5 percentage points, EBITDA margin increased 2.4 percentage points, and net income margin increased 3.4 percentage points
- Phosphate Project Spinoff was announced in August and approved by the Shareholders meeting on September 26. The Company’s ownership of Fosfatos del Pacifico will be incorporated into FOSSAL, a separate publicly traded company. The new structure will create greater flexibility for shareholders and long-term clarity for operations
9M16 Highlights
(All comparisons are to 9M15, unless
otherwise stated)
- Volumes of cement, concrete and blocks rose 3.6%
- Revenues rose 5.2% to S/ 925.4 million
- Consolidated EBITDA of S/ 283.1 million, up 5.1% excluding non-operating income booked in 2Q15
- Net income of S/ 102.4 million, a 29.9% decrease excluding non-operating income, due to lower gross profit in 1Q16 and the termination of borrowing cost capitalization and increased depreciation following the conclusion of the Piura plant project.
For a full version of Cementos Pacasmayo’s Third Quarter 2016 Earnings Release, please visit http://www.cementospacasmayo.com.pe/investors/.
CONFERENCE CALL INFORMATION:
Cementos Pacasmayo will host a conference call on Wednesday, October 26, 2016, to discuss these results at 11:00 a.m. New York time/10:00 a.m. Lima time.
To access the call, please dial:
+1 866 607 0165 (From within the U.S.)
+1 785 424 1625 (From
outside the U.S.)
There will also be a live Audio Webcast of the event at:
http://www.investorcalendar.com/IC/CEPage.asp?ID=175381
View source version on businesswire.com: http://www.businesswire.com/news/home/20161024006538/en/
