PREVIEW-Cemex to post weak 2nd-quarter results

* Small profit seen in Q2, down 63 pct from year-ago

* Sales continue to fall, hurt by global crisis

* Market focused on refinancing talks with banks

By Gabriela Lopez

MONTERREY, Mexico, July 14 (Reuters) - Mexico's Cemex is
expected to report a sharp fall in net profit for the second
quarter, as construction in its key U.S. and European markets
continues its long slump.

A Reuters poll of seven analysts showed Cemex, the world's
No. 3 cement maker (CX.N) (CMXCPO.MX), may have earned $164
million between April and June of this year.

Monterrey-based Cemex's expected profit would be 63 percent
below the $444 million recorded for the same quarter of 2008.

"We see very weak results explained by the crisis across
the world's construction sectors, especially in Cemex's main
markets," said Francisco Chavez, an analyst at BBVA Bancomer in
Mexico City.

Analysts say Cemex's sales volumes in the second quarter
likely fell around 35 percent in the United States, where the
company is the country's top cement maker; 50 percent in Spain;
and 30 percent in the United Kingdom.

In Mexico, Cemex's second-largest market, the fall in
cement volumes was likely around 5 percent, as an outbreak of
H1N1 flu in the country shut down the economy in early May.

Cemex is expected to report a 30.6 percent decline in
quarterly revenue to $4.4 billion, while earnings before
interest, taxes, depreciation and amortization (EBITDA) are
seen down 38.3 percent to $846 million.

The company, which bought Australia's Rinker in 2007 just
as the U.S. housing crisis hit, is in urgent talks with its
creditors to refinance $14.5 billion in bank debt due over the
next three years.

Cemex, which operates in 50 countries and competes globally
with Switzerland's Holcim (HOLN.VX) and France's Lafarge
(LAFP.PA), is asking creditors to give it until February 2014
to pay.

The company is expected to post results on July 27.
Following is a table with the average expected results for the
cement maker. All figures in dollars.
==============================================================

2009 2008 PERCENTAGE

APRIL-JUNE APRIL-JUNE CHANGE
--------------------------------------------------------------
Revenue $4.403 bln $6.348 bln -30.6 pct
EBITDA* $ 846 mln $1.372 bln -38.3 pct
EBITDA margin 19.21 pct 21.61 pct -240 bps**
Operating profit $ 467 mln $ 899 mln -48.1 pct
Operating margin 10.61 pct 14.16 pct -355 bps
Net profit $ 164 mln $ 444 mln -63.1 pct
==============================================================

* Earnings before interest, tax, depreciation and
amortization

* basis points

($1 = 13.17 pesos as of end-June)
(Reporting by Gabriela Lopez, editing by Gerald E. McCormick)