Mexico's Cemex, the world's No. 3 cement maker, on Tuesday, has registered a 40 per cent decrease in its third quarter net profit.

The global giant in building materials said that its revenues have fallen to $121 million in the third quarter as compared to $200 million for the corresponding quarter last year.

Moreover, the company’s net sales have dropped by 27 per cent to $4.2 billion as against $5.8 billion in the second quarter.

Mr. Hector Medina, executive vice president Cemex said that they were hopeful to improve their performance even in the current environment as their quarter-to-quarter results had indicated good stability.

He added that they would cut down the capital expenditure, implement cost-reduction techniques and right-sizing initiatives to pay back the debts.

The cement maker’s net debt has reduced by $1.2 billion to $17.1 billion during the last quarter.

On Tuesday, the company’s shares were down by 5.5% to 14.9 pesos.