Mexico's Cemex posts $707m loss

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Mexican cement maker Cemex has posted its first quarterly loss in a decade amid lower demand and a strong dollar.

The company lost $707m (£495m) in the last three months of 2008. Its profit fell 92% to $203m during 2008, compared with 2007.

The global economic crisis has hit Cemex's operations around the world.

"The fourth quarter was one of the most difficult quarters in recent history," said Hector Medina, Cemex executive vice president.

Cemex reported a 35% drop in quarterly income to $384m compared with the last three months of 2007. Sales declined by 23% to $4.5bn.

"In response to the challenging times we are facing, we remain focused on paying down debt and improving the efficiency of our operations in order to strengthen our financial structure," Mr Medina said in a statement.