MONTERREY, MEXICO -- CEMEX announced this week that its consolidated net sales increased 29% in the second quarter of 2008 to $6.3 billion, primarily due to the company's purchase of rival cement maker Rinker as well as better supply-demand dynamics in most markets. However, the company reported that net income decreased 27% to $444 million.
Hector Medina, Executive Vice President of Planning and Finance, said, "Our consolidated results for the second quarter show the strength of our business model, characterized by our international presence and diverse asset portfolio. We achieved significant increases in net sales while further reducing our debt level, even in the face of the continued downturn in the United States' residential sector and the downturn in the Spanish economy. Looking ahead, we remain focused on strengthening our financial flexibility while continuing to drive solid returns for our shareholders."
Major Markets Second Quarter Highlights
Net sales in Mexico increased 12% in the second quarter of 2008 to $1.1 billion, compared with $967 million in the second quarter of 2007.
CEMEX's operations in the United States reported net sales of $1.3 billion in the second quarter of 2008, up 38% from the same period in 2007.
In Spain, net sales for the quarter were $481 million, down 8% from the second quarter of 2007.
Net sales in the Rest of Europe region increased 27% during the second quarter of 2008 versus the comparable period in the previous year.
CEMEX's operations in South/Central America and the Caribbean reported net sales of $607 million during the second quarter of 2008, representing an increase of 20% over the same period of 2007.
Second-quarter net sales in Africa and the Middle East were $286 million, up 60% from the same quarter of 2007.
Operations in Asia and Australia reported a 468% increase in net sales, reaching $614 million, versus the second quarter of 2007. This increase was mainly due to the integration of Rinker's Australian operations.
| 
