ECQ cuts Cemex sales by 22%

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    Cemex Holdings Philippines Inc. reported a P135-million profit in the first half of the year, down 83.16 percent from P802 million a year ago

    Sales declined 22 percent to P9.6 billion, from P12.3 billion last year.

    “Operating earnings were adversely affected by lower activity due to COVID-19 quarantine measures,” the company said.

    Its domestic cement volumes dropped 17 percent during the first half of 2020 versus the same period in 2019. For the quarter, domestic cement volumes fell by 31 percent year-over-year.

    “Cemex’s domestic cement prices during the second quarter and first half of the 2020 were 6 percent lower year-over-year, reflecting declines during the second half of 2019,” the company said.

    Earnings before interest, tax, depreciation and amortization (EBITDA) was down 22 percent to P1.8 billion, with EBITDA margin flat from last year’s at 19 percent.

    “The second quarter was very challenging for our company, with our volumes adversely impacted by quarantine measures nationwide. But we have seen construction activity gradually return with the easing of restrictions, starting the second half of May,” said Ignacio Mijares, Cemex president.