MANILA - Cemex Holdings Philippines Inc said Thursday its net income for the first 9 months of 2020 declined to P758.1 million compared to P874.7 million last year due to the impact of the COVID-19 pandemic.
Consolidated net sales also decreased by 17 percent to P15.1 billion for the period, CHP told the stock exchange.
Domestic cement volumes decreased by 12 percent in the January to September period. Cement prices during the first 9 months were lower by 5 percent year-on-year reflecting the declines in the second half, it said.
The construction sector were among the industries shut during the lockdown imposed in March to curb the spread of COVID-19. It has since resumed in May.
Lower costs and cost containment measures partially offset lower volumes and prices, it said.
“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. 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," CHP president and CEO Ignacio Mijares said.