Holcim Philippines Inc. said profit for the first nine months of the year reached P1.03 billion, down 45.21 percent from P1.88 billion last year.
Sales reached P18.78 billion, down 20.69 percent from P23.68 billion in 2019.
The company said its earning before interest tax depreciation and amortization hit P3.2 billion, down 23.81 percent from P4.2 billion last year.
“Business conditions remained challenging although there were noted improvements in the market in the third quarter. However, this recovery is not enough to offset yet the impact of the pandemic-induced stoppage and slowdown of operations from March to May, the peak season of construction,” Holcim said.
“We are proud of our organization’s tremendous resilience amid the unprecedented challenges posed by COVID-19 (new coronavirus disease 2019). While there are challenges ahead, we remain confident that the steps to keep our people healthy and safe, preserve cash, and be prudent on costs enable us to emerge stronger from this crisis.
Opportunities abound for our business as the construction industry will play a key role in the country’s recovery from the pandemic. We are ready to support our partners build better and deliver great value to all our stakeholders,” said John Stull, Holcim president.