Mexico’s Cemex to slash debt faster as profit beats expectations

07/27/2016 Reuters

cemexMexico’s Cemex, one of the world’s largest cement producers, on Wednesday said it aims to cut debt over the next two years more than it previously planned as it reported that its quarterly profit unexpectedly surged by 81 percent.

Shares in Cemex rose more than 4.14 percent to 13.57 pesos by 1:25 p.m. local time.

The company said second-quarter net profit rose to $205 million, almost double analysts’ estimate of $107 million in a Reuters poll, boosted by its Mexico business and exchange rate gains.

Cemex also said it now aims to cut total debt by $3 billion to $3.5 billion in the next two years, up from a previous target of up to $2 billion. It aims to sell assets worth up to $2 billion, up from a previous goal of $1 billion to $1.5 billion.

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