Mexico's Cemex reported a third-quarter loss on 22 October. Analysts had expected Cemex to turn a small profit, but a cut in expenses failed to offset a drop in revenue.
Cemex shares fell by over 5% after a conference call with executives. Analysts expressed concern over the drop in revenue in the latest quarter amid currency volatility and competition, and the outlook for growth in the low-single digits.
The company lost US$44 million compared to a loss of US$106 million a year earlier, adjusted for asset sales in the quarter.
Analysts had expected the company to report a US$1 million profit, helped by lower costs and expenses.
Revenue fell 9% to US$3.7 billion, which a 10% decline in expenses to US$800 million failed to offset.
Edited from source by Joseph Green. Source: Reuters
