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Manila Bulletin devider Business devider Cemex net income falls to ₱89 M due to ECQ

Cemex net income falls to ₱89 M due to ECQ

Published May 4, 2020 12:00 am
By James A. Loyola Cemex Holdings Philippines, Inc. reported a 47 percent drop in net income to ₱89 million in the first quarter of 2020 from the ₱168.6 million earned in the same period last year. In a disclosure to the Philippine Stock Exchange, the firm said its profit fell mainly due to lower operating earn¬ings mostly as a result of COVID-19 community quarantine measures. Net sales decreased by 10 percent to ₱5.6 billion during the first quarter of 2020 as domestic cement volumes decreased by 4 percent during the quarter versus the same period in 2019. “An 8 percent increase in volumes during the first two months of the year was offset by the effects of the Enhanced Community Quarantine in Luzon and other quarantine measures around the country during the second half of March 2020,” CHP said. CHP’s domestic cement prices decreased by 6 percent during the quarter compared with the same period in the previous year, reflecting price declines during the second half of 2019. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) in the first quarter was at ₱1.08 billion, a decrease of 1 percent versus the same period in 2019. Operating EBITDA margin increased to 19.2 percent during the quarter, up by 1.7 percentage points on a year-over-year basis. The comparable cost base in the first quarter of 2019 was affected by the scheduled kiln maintenance of Solid Cement Plant, higher sales from cement imports, and consumption of purchased clinker in cement production, as a result of the Naga landslide. “These are extraordinary times we live in. Around the world, governments, industries, and people are taking measures to deal with the effects of the COVID-19 pandemic, and CEMEX Holdings Philippines is not an exception,” said CHP President Ignacio Mijares.
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