Cemex Holdings Philippines Inc reported a 23 per cent weaker net income of PHP985m (US$20.54m) in 2020 from PHP1.3bn in 2019, as the coronavirus impacted its operating earnings.
The listed company’s consolidated net sales also dropped by 16 per cent last year to PHP19.7bn from PHP23.6bn in the previous year. The COVID-19 pandemic slumped the firm’s domestic cement volumes by 11 per cent YoY in 2020, while its domestic cement volumes in the fourth quarter shed nine per cent YoY due to adverse weather conditions.
Cemex posted a net income of PHP227m in the fourth quarter last year, down 44 per cent from PHP405m in the same period last year. The company’s net sales for the period were 15 per cent lower totalling PHP4.6bn from PHP5.4bn YoY.
“The movement in CHP’s composite price was driven by a higher proportion of pick-up sales, lower demand and competitive market dynamics,” Cemex explained.
