Cemex 1997 Annual Report Download - page 54

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48
Consolidated statements
of income
(Thousands of constant Mexican pesos as of December 31, 1997, except for earnings per share)
Years ended on
December 31
1997 1996
Net sales $ 30,573,187 28,249,204
Cost of sales (18,735,000) (17,129,381)
Gross profit 11,838,187 11,119,823
Operating expenses:
Administrative (3,125,503) (2,968,722)
Selling (1,488,282) (1,417,125)
Total operating expenses (4,613,785) (4,385,847)
Operating income 7,224,402 6,733,976
Comprehensive financing income:
Financial expenses (4,116,009) (5,604,592)
Financial income 835,019 689,201
Foreign exchange loss, net (95,426) (846,368)
Monetary position result 4,657,120 10,203,406
Net comprehensive financing income 1,280,704 4,441,647
Other expenses, net (1,109,961) (1,431,705)
Income before income taxes, employeesÕ statutory
profit sharing and equity in income of affiliates 7,395,145 9,743,918
Income tax and business assets tax, net (note 14) (403,969) (786,528)
Employees’ statutory profit sharing (note 14) (131,731) (46,605)
Total income tax, business assets tax and
employees’ statutory profit sharing (535,700) (833,133)
Income before equity in income of affiliates 6,859,445 8,910,785
Equity in income of affiliates 141,106 288,935
Consolidated net income 7,000,551 9,199,720
Minority interest net income 860,592 997,965
Majority interest net income $6,139,959 8,201,755
Basic Earnings Per Share (note 18) $4.78 6.32
Diluted Earnings Per Share (note 18) $4.71 5.52
CEMEX, S.A. DE C.V. AND SUBSIDIARIES
See accompanying notes to consolidated financial statements.