Mexico's Cemex Q1 net tumbles 99 pct on lower sales

* Reports worse-than-expected $3 mln net profit

* Hit by weak peso and tumbling demand

* Profit crashes 99 pct from yr ago; Cemex posted loss inQ4

* Reiterates optimism on debt refinancing (Adds sales, currency details, background)

MONTERREY, Mexico, April 28 (Reuters) - Net profit atMexico's Cemex (CMXCPO.MX) (CX.N), the world's No. 3 cementproducer, tumbled 99 percent to $3 million in the firstquarter, hit by the global economic slump and a weak peso.

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