Listed Cemex Holdings Philippines Inc. (CHP) saw its first quarter net income drop by almost half the figure year-on-year amid quarantine measures to mitigate the coronavirus disease 2019 (Covid-19) pandemic. In a disclosure to the stock exchange, the cement manufacturer said its January to March net income plunged by 47 percent to P89.12 million from P168.64 million year-on-year. Cemex said the two-digit decline was mainly caused by the lower operating earnings mostly as a result of Covid-19 community quarantine measures imposed. Likewise, the company’s first quarter net sales was down 10 percent to P5.63 billion from P6.24 billion in 2019 on the back of lower volumes and lower prices. Domestic cement volumes decreased by 4 percent during the quarter.

Source: Manila Times May 04, 2020 16:30 UTC