Cydsa cuts losses to US$5mn in Q1

Mexican industrial group Cydsa (BMV: CYDSASA) was able to cut net losses to 57mn pesos (US$5.2mn) in the first quarter this year from losses of 411mn pesos in the same year-ago period, Cydsa reported to the Mexico City bourse BMV. While sales for the period edged up 1.7% to 1.66bn pesos, gross profits fell 6.2% from 1Q04, reaching 274mn pesos due to higher costs of raw materials and energy, Cydsa said. Ebitda came to 91mn pesos, slightly down from 93.9mn pesos in the same quarter last year. During the period Cydsa was able to prepay US$7.2mn in debt to banks, representing 6.5% of its total bank debt, and US$14mn to bondholders, representing nearly 55% of the bonds in circulation. Cydsa produces textiles, industrial packaging, chemicals, petrochemicals and plastics, and offers wastewater and environmental management services.