Eagle Cement sees 61% decline in net profit

Philippines-based Eagle Cement Corp has reported a 61 per cent YoY decline in net profit to PHP1.3bn (US$26.54m) for the first half of 2020, while net sales fell 44 per cent to PHP5.9bn.

In the 2Q20 the company saw a drop in net profit to PHP128m from PHP1.7bn last year. Net sales also decreased 73 per cent YoY to PHP1.4bn.

"These are very difficult times, but we remain confident that the economy will recover from this pandemic and emerge stronger. The government’s steady push for the completion of major infrastructure projects and the private sector’s readiness to bounce back offer encouraging signs for our company’s prospects moving forward," said Paul Ang, president and CEO.