Philippine-based Eagle Cement Corp is now looking to complete its 2Mta Bulacan plant expansion before the year ends, following delays related to the COVID-19 pandemic.
"This plant was supposed to have been turned over and commissioned this second quarter of this year. But because of the pandemic, management is committing to deliver this plant by end quarter of this year," said John Paul Ang, Eagle Cement president and CEO.
The company’s CFO, Monica Ang, also noted that the company has reduced its capex budget. "For 2020, we are revising our capex and operating expense budgets by trimming non-critical projects and activities. However, our expansion-related capex will continue."
Eagle Cement’s earnings in the 1Q20 declined 25 per cent YoY to PHP1.2bn (US$24.2m), on the back of a slowdown in construction activity, according to Business World.
