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 first quarter ("1Q16") ended March 31, 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: 1Q16 Highlights(All comparisons are to 1Q15, unless otherwise stated)
- Volumes of cement, concrete and blocks rose 8.1%
- Revenues rose 6.5% to S/ 309 million
- Consolidated EBITDA of S/ 85.6 million, down 4.0% due to higher temporary use of imported clinker because of Piura ramp-up and scheduled maintenance of main kiln in Pacasmayo;
- Net income of S/ 27.7 million, compared with S/ 52.3 a year earlier, due to lower gross profit, non-cash exchange rate effect, Piura plant depreciation effect and financial expenses previously capitalized as a result of the US$ 300 million debt.
- It is important to mention that the normalized consolidated EBITDA excluding non recurrent events and the temporary use of imported clinker would have been S/. 104 million and an EBITDA margin of 33.7%.