This report examines the financial results for the major players in the Latin American Region up to September of 2009. Business in Latin America, similar to the rest of the world, showed the effects of the reduced economic activity that followed the worldwide economic crisis that began in 2008. Fortunately, Latin America economic recovery began earlier than other world regions, led by the Region’s largest economy, Brazil.
Industrial gas companies operating in Latin America present their results in the currency of the country where they are headquartered, so for comparison purposes results have been converted to US dollars at the prevailing average exchange rates. Although the companies examined here operate in the same regional market, their exposure to specific countries and business lines affect individual company results. Some Latin American countries were more affected by the global recession, like Mexico, and some industries suffered more, in particular export-oriented sectors like steel or automotive. The pace of recovery has not been uniform across industries and countries either. We need to keep these factors in mind when examining company results.
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