CEMEX says H1 profit down as virus slows economic activities

ABS-CBN News

Posted at Jul 28 2020 09:59 AM

MANILA - Cemex Holdings Philippines Inc said Tuesday its net income declined for the first half of the year as earnings were hit by lower economic activities due to the coronavirus pandemic. 

Net income reached P135 million, down 83.2 percent from P802 million in the same comparable period last year, Cemex said in a disclosure to the stock exchange.

Consolidated net sales decreased by 22 percent at P9.6 billion during the period compared to the same period in 2019, it said.

Domestic cement volumes declined 17 percent for the first half. Sales in the second quarter decreased by 35 percent with domestic volumes down 31 percent for the quarter, it said.

“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, CHP President and CEO.

We remain committed to supplying the Philippines with high quality cement to build the country for many years to come," he added.

Cemex manufactures cement brands Apo, Island and Rizal.