Peru’s Cementos Pacasmayo has seen a 4.4 per cent YoY fall in revenue to PEN299.3m (US$88.88m) in the first quarter of 2020, against PEN313.2m in the 1Q19. Net income dropped 64.5 per cent YoY to PEN10.7m from PEN30.1m.
Consolidated EBITDA also decreased 22.8 per cent YoY to PEN72.3m, compared to PEN93.6m in the corresponding period of last year.
Total cement production volumes across the company’s three plants decreased 6.9 per cent YoY to 555,700t in the first three months of the 2020. The decline has mainly been attributed to the halt in production from 16 March, due to the state of emergency declared by the Peruvian government.
"We are strictly following the measures mandated by the government and so cannot produce or sell any cement except a very small amount for the mining industry. However, we have been working probably more than ever, to not only have all the safety measures and protocols in place to begin production as soon as legally possible, but also, working towards the future. We have been working with the Ministry of Production to present our plan to restart production, with the safety of our employees, as always, as our top priority," said the company in its quarterly report.
