Cemex Holdings Philippines Corp said on Friday that its net income for the first nine months of 2017 had fallen 63 per cent as a result of lower prices and volumes amid heightened competition.
Net profit in the 3Q17 declined to PHP688m (US$13.33m) from the PHP1.88bn reported in the same period last year primarily due to lower prices and volumes.
The company said financial expenses fell 39 per cent from a year ago following the refinancing of the company's dollar-denominated loan with local debt.
"With the conversion and denomination to local currency, other financial expenses for the first half of the year (mostly foreign exchange losses) also declined 79 per cent for the nine months of the year versus same period last year," the cement producer said.
Domestic cement volume increased two per cent YoY and four per cent QoQ. In the first nine months volumes decreased by three per cent from 9M16.
"Cemex remains committed to delivering the best building materials in the market today. The company is working hard to strengthen its position and continue being the trusted partner in building the nation," Cemex President and Chief Executive Officer, Ignacio Mijares, said.
