Cemex Holdings Philippines (CHP) saw a significant improvement in net profit for the first six months of 2019, reversing its previous PHP582m (US$11.39m) net loss to a PHP802m profit. Net sales increased four per cent during the 1H19 to PHP12.4bn, on the back of a six per cent rise in cement prices.

In the second quarter alone, sales were up two per cent YoY to PHP6.1bn. However, domestic cement volumes fell two per cent due to a slowdown in construction activity.

“During the first six months of 2019, we faced challenging operational and market circumstances. Nevertheless, we concentrated our efforts on the variables within our control, and we are proud of the progress we have achieved during the first half of 2019. We believe that this moderation in construction activity is temporary as solid macroeconomic fundamentals and the government’s drive to build infrastructure will support growth in the second half of the year,” said Ignacio Mijares, CHP president and CEO.