Holcim Philippines Inc. reported on Friday that its net income dropped to P1.03 billion in the nine months ending September despite a substantial growth in its earnings in the third quarter.
In a disclosure, the listed cement manufacturer said the figure was down 45 percent from P1.9 billion in the same period last year.
It also reported that net sales declined by 21 percent to P18.8 percent from P23.7 billion year-on year.
For July to September, net profit rose by 34.2 percent to P613.7 million from P457.5 million a year earlier, while revenues slipped by 11.1 percent to P7.4 billion from P8.3 billion.
“Business conditions remained challenging, although there were noted improvements in the market in the third quarter. However, this recovery is not enough to offset yet the impact of the pandemic-induced stoppage and slowdown of operations from March to May, the peak season of construction,” Holcim said in the disclosure.
“We are proud of our organization’s tremendous resilience amid the unprecedented challenges posed by Covid-19 (coronavirus disease 2019),” Holcim Philippines President and Chief Executive Officer John Stull was quoted as saying in the disclosure.
“While there are challenges ahead, we remain confident that the steps to keep our people healthy and safe, preserve cash, and be prudent on costs enable us to emerge stronger from this crisis,” he added.
A member of the LafargeHolcim Group, Holcim Philippines has cement manufacturing facilities in La Union, Bulacan, Batangas, Misamis Oriental and Davao.
Holcim Philippines shares climbed by 6 centavos or 1.06 percent to finish at P5.72 each on Friday.
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