Cemex sales drop 13%

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    Cemex Holdings Philippines Inc. said profit for the period was at P758.1 million, down 13.33 percent from P874.7 million last year.

    Sales hit P15.1 billion, down 17 percent from P18.19 billion.

    “Sales decreased by 6 percent year-over-year in the third quarter, reaching about P5.5 billion, the company said.

    Domestic cement volumes dropped 12 percent.

    “As the country takes steps towards reopening the economy, the impact of the pandemic remains a concern. We must continue to adapt to the challenges and limitations brought about by COVID-19 (new coronavirus disease 2019). Full execution of the government’s infrastructure plan can help accelerate economic recovery. Nevertheless, we continue to be optimistic on the long-term growth prospects of the Philippines,” said Ignacio Mijares, Cemex president.