Cemex suffered 36% dive in UK sales in latest three months' figures

The final three months of 2008 were rather grim for Cemex’s operations in the UK as sales were 36% down (to £220m) as compared with the same quarter of 2007.

That in turn led to a loss of £13m.

Elsewhere things were little better for Cemex as sales globally dropped by 23% in the fourth quarter of 2008 to £3.1bn compared with Q4 of the previous year.

Despite the falls, Cemex was partly successful in making the existing prices for its products stick.

Hector Medina, vice president of Cemex, said: "2008 was one of extraordinary volatility. The fourth quarter was one of the most difficult quarters in recent history.

“We remain focused on paying down debt and improving efficiency."

Globally Cemex made a loss of £500m in the fourth quarter despite tightening its belt.

Net debt at the end of 2008 ran to £13bn.

The net-debt-to-EBITDA ratio reached 4.0 times at the close of the fourth quarter of 2008 compared with 3.4 times at the close of the third quarter of 2008.

Elsewhere:

• sales in Spain were 49% lower than in the fourth quarter of 2007
• sales in the rest of Europe were 11% lower
• sales in Africa and Middle East were 46% higher