HOLCIM Philippine Inc. said profit in the first quarter of the year reached P501.5 million, down 28.75 percent from P703.86 million last year.
Sales hit P7.3 billion, down 10 percent from the prior year’s P8.1 billion, “amidst softer prices and lower volumes particularly towards the end of the quarter,” the company said.
“The Luzon-wide enhanced community quarantine (ECQ) imposed on 16 March 2020 to contain the spread of Covid-19 halted building activities in Luzon and slowed down construction work in the rest of the country as localised quarantine measures also hampered the movement of goods and people,” the company said.
Earnings before interest tax depreciation and amortization (EBITDA) reached P1.2 billion.
Holcim closed sites and facilities in Luzon in compliance with the national government directive of an ECQ last March 16, 2020. The company also shut down its plant in Davao City following a similar action by the local government on April 2, 2020.
Holcim said it is preparing plans that will enable it to “operate safely once the quarantine is lifted.”
“Like the rest of the country, our company was significantly affected by the Covid-19 pandemic and the government’s efforts to address it. As a response, we took immediate steps to protect the health and safety of our people and partners and the viability of our business with actions focused on health, cost, and cash management,” said John Stull, Holcim president.
