CEMEX Holdings Philippines Inc. said profit in the first quarter of the year reached P89 million, down 47.21 percent from the prior year’s P168.6 million.
Net sales amounted to P5.6 billion, down 10 percent from last year’s P6.22 billion. .
“Domestic cement volumes decreased by 4 percent during the quarter versus the same period in 2019. An 8 percent increase in volumes during the first two months of the year was offset by the effects of the enhanced community quarantine in Luzon and other quarantine measures around the country during the second half of March 2020,” the company said.
Cemex said its domestic cement prices decreased by 6 percent for the period, reflecting price declines during the second half of 2019.
Operating earnings before interest tax depreciation and amortization (EBITDA) stood at P1.08 billion, down 1 percent from last year, with EBITDA margin at was recorded at 19.2 percent, up 1.7 percentage points compared to last year.
“The comparable cost base in the first quarter of 2019 was affected by the scheduled kiln maintenance of Solid Cement plant, higher sales from cement imports, and consumption of purchased clinker in cement production, as a result of the Naga landslide,” the company said.
“These are extraordinary times we live in. Around the world, governments, industries, and people are taking measures to deal with the effects of the COVID-19 pandemic, and Cemex Holdings Philippines is not an exception. Our focus during these challenging times is on three priorities: first, to protect the health and safety of our employees and their families, customers, suppliers, and communities; second, to support our customers as much as possible in a responsible way; and third, to ensure the long-term business continuity of CHP,”said Ignacio Mijares, Cemex president.
