Cement manufacturer Cemex Holdings Philippines Inc. said Friday net income in the first nine months of the year fell 63 percent to P688 million from P1.88 billion year-on-year on lower prices and volume.
Cemex said in a disclosure to the stock exchange net sales in the first three quarters of the year dropped 13 percent to P16.56 billion from P19 billion a year ago.
The company, however, kept its cost nearly flat at P9.45 billion.
“Cemex remains committed to delivering the best building materials in the market today. The company is working hard to strengthen its position and continue being the trusted partner in building the nation. We are optimistic that our customer-centric approach will drive growth for our business. Cemex is deeply committed to its customers, stakeholders, and investors,” Cemex president and chief executive Ignacio Mijares said.
Net income in the third quarter decreased 79 percent to P202 million from P983 million in the same quarter a year ago, while net sales dipped 11 percent P5.5 billion.
The company said it started to see signs of recovery as the domestic cement volume in the third quarter of the year increased by two percent on a pick-up in public and private sector spending.