Cemex Holdings Philippines, Inc. (CHP) booked a P205-million net income in the first three months of the year, 130% higher than the P89 million earned in the same period in 2020 on the back of lower financial expenses.
In a regulatory filing on Friday, the cement producer said expenses declined by 78% on lower debt levels and interest rates in the first quarter.
However, consolidated net sales slipped by 8% to P5.2 million, as volumes dropped and prices fell.
Domestic cement volumes declined by 4% year on year, as the construction activity for both residential and non-residential projects slowed amid the pandemic.
“CHP’s domestic cement prices remained flat quarter-on-quarter. Net of freight charges, CHP’s domestic cement prices during the first quarter decreased by 1% year-over-year due to subdued activity and competitive market dynamics,” the company said.
Meanwhile, earnings from public infrastructure projects increased in the first two months of the year to P107 billion as CHP received payments for projects started in late 2020.
CHP shares at the stock exchange slipped by 2.52% or three centavos to close at P1.16 each. — Keren Concepcion G. Valmonte