Philippine-based Eagle Cement Corp has reported a net profit of PHP1.4bn (US$28.96m) in the 3Q20, remaining unchanged from the year-ago period. However, its net sales were down 16 per cent YoY to PHP4.1bn.
"The resumption of major infrastructure projects and retail segment boosted sales. We are optimistic that fourth-quarter results will be better as more sectors of the economy are reopened," said Paul Ang, president.
Eagle Cement’s nine-month net sales declined 35 per cent to PHP10bn from PHP15.3bn in the corresponding period of last year. Net profit fell 42 per cent YoY to PHP2.72bn.
The company is still expecting to complete its 1.5Mta Bulacan grinding project by the first quarter of 2021.
