Philippine-based Eagle Cement Corp has reported a net income of PHP3.4bn (US$70.02m) in 2020, down 44 per cent YoY as a result of lockdown measures imposed in mid-March.
"The halting of our operations due to pandemic-related restrictions took a hit on our results in the first half of 2020, but the remaining half proved that we are well-positioned to bounce back," said John Paul L Ang, CEO.
Net sales declined 30 per cent to PHP13.9bn from PHP19.8bn in 2019, but the PHP8bn from sales generated in the 2H20 was 35 per cent higher than the company's sales in the first half.
The company’s 1.5Mta Bulacan expansion is also due to be completed by the second quarter of the year.
"We will continue to work on aggressive marketing and better pricing strategies for this year and this will be complemented by focusing on cost control initiatives in our operations, which will enable us to deliver better returns in 2021," said Mr Ang.
