Holcim Philippines sees 29% fall in net profit

Holcim Philippines sees 29% fall in net profit
04 May 2020

Holcim Philippines has reported a 28.7 per cent fall in its net profit to PHP501.54m (US$9.93m) for the first quarter of 2020, compared to PHP703.86m in the year-ago period.

Net sales also declined 10 per cent to PHP7.27bn due to lower prices and volumes, especially in March.

"Like the rest of the country, our company was significantly affected by the COVID-19 pandemic and the government's efforts to address it," said John Stull, Holcim Philippines President and CEO.

The company had closed its Luzon facilities in mid-March and its Davao plant also shut down in April. "Once the government eases the quarantine measures, we are confident that our strong health and safety culture will enable us to protect our people's well-being in our sites and safely resume operations to support our customers and re-start building activity in the country," Mr Stull continued.

Published under Cement News