Uruguay’s Ancap closed 2013 with a record loss of US$150m. The company attributed the result partly to developments in the exchange rate, which impacted the cement producer significantly as it borrows in US dollars. However, Ancap has been able to pay the US$513m debt with PDVSA, allowing it to reduce its dollar position and limiting the 2013 loss.

CEO, José Coya, said the company will design a “stabilisation programme.”

In 2012, Ancap registered a loss of US$14m while in 2011, this loss amounted to US$97m due to soaring oil prices.