MANILA, Philippines – A 4% decline or 350 million pesos for the first quarter’s net income was reported by Cemex Holding Philippine Inc., a subsidiary of the Mexican cement giant.
The company said that this is due to the drop in the cement volumes caused by the weather conditions in the past months considering the high demand for cement in last year’s election due to the construction activities.
According to Pedro Jose Palomino, the company’s president and CEO, the sales in the first quarter were not that good, but they are motivated by their highest sales in March over the past 17 months and the improved volume of cement in the recent months. The company also gained a 2% increase in the revenue as compared to the 1st quarter.
There is a 7% drop in their prices in a year-on-year basis, but the volume and price were offset by lower financial expenses and better sales cost.
Amid this low performance in the first quarter, Palomino said that they are still confident about the industry of construction in the Philippines especially that the government has already announced the infrastructural projects and investments.
For now, he said that they are concentrating on the variables that they can control while remaining motivated in contributing to the development of the country.
The company markets and manufactures cement products such as clinkers and concretes through their broad land and marine distribution channels. APO, Island, and Rizal are its cement brands.
CHP is a subsidiary of the world’s largest cement company based on the yearly installed production capacity of cement – Cemex S.A.B de C.V.