UPDATE 1-Mexico's Cemex quarterly sales rise 2 percent, profit slightly higher

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Oct 26 (Reuters) - Mexican cement producer Cemex on Thursday reported a 2 percent rise in quarterly revenue on higher demand in Europe.

Cemex's third-quarter profit rose to $289.2 million from $285.6 million a year earlier.

Net sales rose to $3.55 billion from $3.47 billion a year earlier.

Analysts surveyed by Reuters expected Cemex to have $3.48 billion in revenue and $181 million in net income.

Cemex generated some of its third-quarter profit from its $168 million sale of shares in Mexican cement maker Grupo Cementos de Chihuahua in September, a move meant to reduce debt.

Over the third quarter, Cemex's debt plus perpetual notes decreased by $369 million.

The Monterrey-based company's stock has fluctuated over the past 12 months, swinging from a low of 14.55 pesos ($0.7784) in November to a high of 19.27 pesos in January.

Cemex closed trading on Wednesday at 15.52 pesos a share. ($1 = 19.0384 Mexican pesos) (Reporting by Diptendu Lahiri in Bengaluru; Editing by Anil D'Silva, Bernard Orr)