MEXICO CITY (AP) -- Mexican cement maker Cemex SAB says it expects a 23 percent drop in sales during the 4th quarter amid sagging consumer confidence and the nationalization of its plants in Venezuela.
The world's third-largest cement manufacturer forecast $4.45 billion in sales during the last three months of the year, a 23 percent drop from the year-earlier period.
Tuesday's statement from the Monterrey-based company also blamed foreign exchange fluctuations for its expected 4th quarter results.
Cemex Chief Financial Officer Rodrigo Trevino says the results "reflect the overall tightening of the global credit markets." He adds that sales "have been affected by decreased consumer confidence."
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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