MEXICO CITY, April 25 (Reuters) - Mexican cement-maker

Cemex reported a 13% increase in first-quarter net

profit on Thursday, bolstered by lower taxes and less exposure

to financial derivatives, although its operating earnings

declined.

The firm, one of the world's largest cement producers,

posted a net profit of $254.4 million, beating analysts'

estimate of $218.2 million as per LSEG data.

Revenue inched up 3% year-over-year to $4.14 billion, just

shy of analysts' estimate of $4.19 billion, despite volumes

falling in all of its product segments.

On a like-to-like basis, revenues were stable from the

year-ago quarter, Cemex said.

The firm said year-over-year it spent 63% less on financial

instruments such as derivatives and 66% less in taxes in the

quarter, though it was dinged by higher financial expenses and

an around 8% appreciation in the Mexican peso from last year.

Sales in Cemex's top market Mexico rose 20% from last year,

with all of its product segments registering growth, causing the

firm to slightly increase its full-year outlook for cement and

ready-mix volumes in the country.

The company now expects low-to-mid single digit percentage

volume growth in the country, compared to low single-digits

earlier.

In the U.S., just behind Mexico in terms of sales, revenues

and volumes dipped slightly, largely due to poor weather.

Meanwhile, in Cemex's European and Middle Eastern unit,

demand conditions were "a mixed bag" with volumes hit by fewer

working days, bad weather and a strong performance in the

year-ago quarter.

Core earnings, or earnings before interest, taxes,

depreciation and amortization (EBITDA) in the Middle East slid

35% "due to ongoing tensions" in the region, Cemex said.

The firm operates in Israel, Egypt and the United Arab

Emirates.

Overall, EBITDA climbed 5% year-over-year to $772.4 million,

missing estimates of $780 million as per LSEG data, as the EMEA

unit dragged down strong growth in Mexico and the rest of Latin

America.

(Reporting by Kylie Madry; Editing by Varun H K)