Eagle Cement Corp. reported sales of P10 billion in the first nine months, down 35 percent from P15.3 billion last year, after a strong start in 2020 was disrupted by the implementation of lockdown in the wake of the pandemic.
Profit for the third quarter r reached P1.4 billion, over sales of P4.1 billion.
Gross profit for the quarter was down 14 percent to P1.8 billion, while earnings before interest, taxes, depreciation and amortization stood at P2 billion, up 9 percent.
“The resumption of major infrastructure projects and retail segment boosted sales. We are optimistic that fourth-quarter results will be better as more sectors of the economy are reopened,” said Paul Ang, Eagle Cement president.
Eagle Cement closed the period with assets of P47.7 billion.