Increased sales help Juan Minetti's 9mths.

Juan Minetti, Argentina's second-largest cement producer, posted a 101mn peso (US$35.3mn) net profit in the first nine months, versus a 275mn peso net loss in the same period last year, the company said in a statement to the country's securities regulator, the CNV. For the period, revenue jumped 56% to 269mn pesos, which helped operating profit close at 91.1mn pesos versus a 30.9mn peso loss in the first nine months of 2002. Minetti cement sales reached 1.17Mt in the first nine months, and 438,430t for the third quarter. In August, credit rating agency Fitch announced it maintained its Category 4 rating for Minetti shares, due to the company's weak fund generation denominated in pesos compared to the company's high dollar (over 90%) denominated debt. Earlier this year, the International Finance Corporation announced it restructured US$170mn in outstanding loans provided to Juan Minetti. This operation is part of the overall restructuring of the company's outstanding debt of US$276mn equivalent. Swiss cement giant Holcim controls Minetti, which has a 34% market share behind Loma Negra with 48%.