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Cemex expected to report sharp falls in profit

Cement giant Cemex is expected to report a sharp fall in net profit for the second quarter of 2009 due to a continued downturn in US and European construction.

According to a poll of analysts by Reuters Cemex may have earned $164 million between April and June of this year.

As a result the firm’s expected profit would be 63 percent below the $444 million recorded for the same period of 2008.

Analysts said Cemex’s sales volumes in the second quarter are likely fallen by 35 per cent in the United States, by 50 per cent in Spain and by 30 per cent in the United Kingdom.

The onset of swine flu in Cemex’s home country and its knock-on effect on the Mexican economy is estimated to have caused a 5 per cent fall in second quarter cement volumes.

Cemex is expected to report a 30.6 percent decline in quarterly revenue to $4.4 billion.

The company is expected to post results on 27 July.