Eagle Cement Corp net profit falls 25% in 1Q20

Eagle Cement Corp net profit falls 25% in 1Q20
15 May 2020

The Philippines' Eagle Cement Corp saw a 25 per cent YoY fall in first quarter net profit to PHP1.2bn (US$23.6m) as construction activities were halted in mid-March as part of measures to curb the coronavirus pandemic.

Eagle’s net sales contracted by 16 per cent YoY to PHP4.5bn in the first three months. Cash flow fell by 14 per cent to PHP1.7bn. Prior to the enhanced community quarantine (ECQ) in mid-March, Eagle reported growth in sales volume during the quarter.

Paul Ang, Eagle Cement Corps's president and chief executive officer, said: "Now that construction projects have resumed in the midst of the ECQ, we expect the demand for cement to steadily pick up in the coming weeks. Eagle Cement is fully capable of providing sufficient high-quality cement and we look forward to supporting both public and private sectors in their construction needs as areas in the Philippines shift to more relaxed community quarantine regulations."

Published under Cement News