Cement firm Holcim Philippines Inc. reported a 79 percent fall in attributable net income to P487.39 million in the first nine months of 2022 from the P2.3 billion earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said earnings were affected by additional financial expenses from short term loans, and the settlement of an agreement with its former port operator in July.
Without the one-time expense, Holcim said its profits would have amounted to P1.2 billion in the first nine months of the year. Revenues dipped to P19.1 billion from P20.15 billion in the nine month period last year.
Holcim said it delivered its strongest quarterly sales this year with revenues of P6.9 billion from July to September, 7 percent higher than the same period last year and exceeded quarterly sales of P6.7 billion and P5.4 billion in the first two quarters of 2022.
The Company said its drive for innovative and value-adding solutions for customers translated to improved sales for the period despite softer market demand.
Holcim said it is continuously engaging customers and building industry decision makers to highlight the superior value of its blended cement products in different construction applications and its positive impact on the environment.
EBIT for the quarter reached P569.2 million while, excluding the one-off cost, net income for the third quarter would have reached P526.5 million.
“Our operational and commercial excellence initiatives focused on sustainability and innovation are increasingly driving business results,” said Holcim Philippines President and CEO Horia Adrian.
He added that, “Our positive momentum gives us confidence to further raise operational efficiency and expand offering building solutions with lower environmental footprint and better construction performance.”
“These initiatives have allowed us to weather challenging business conditions and be better prepared for opportunities as the market improves. We are focused and ready to further drive growth,” Adrian noted.