Cemex Holdings Philippines Inc. (CHP) reported a 130 percent surge in net income to P205 million in the first quarter of the year from P89 million earned in the same period of 2020.
In a disclosure to the Philippine Stock Exchange, the firm said this is mainly due to a 78 percent decrease in financial expenses, reflecting lower debt levels and declining interest rates.
CHP said its consolidated net sales decreased by 8 percent during the first quarter of 2021, versus the comparable period in 2020, amounting to P5.2 billion.
The firm said its domestic cement volumes decreased by 4 percent year over-year during the first quarter, amidst the ongoing COVID-19 pandemic and its impact on economic activity.
CHP’s domestic cement prices remained flat quarter-on-quarter. Net of freight charges, CHP’s domestic cement prices during the first quarter decreased by 1 percent year-over-year due to subdued activity and competitive market dynamics.
CHP’s Operating EBITDA for the first quarter was P1.03 billion, a decrease of 5 percent versus the same period in 2020. Operating EBITDA margin was higher at 19.7 percent for the first quarter of 2021, compared with 19.2 percent in the same period of last year.