Holcim Philippines Inc.’s net income reached P501.5 million in the first three months of 2020, a 29-percent decline from P703.6 million in the same period of 2019. In a disclosure on Thursday, the listed cement manufacturer said sales revenues from January to March dropped by 10 percent to P7.3 billion from P8.1 billion year-on. Holcim attributed the slump to softer prices and lower volume in March, caused by the implementation of the enhanced community quarantine (ECQ) in Luzon, which suspending building activities there. The company’s operations in the Visayas and Mindanao continued, but also saw demand drop as local government units began implementing their own quarantine measures. Holcim shares climbed by 30 centavos or 2.68 percent to close at P11.50 apiece on Thursday.

Source: Manila Times May 01, 2020 17:03 UTC