Cemex Philippines announces 22% decline in net sales

Cemex Holdings Philippines has announced a 22 per cent decline in consolidated net sales to PHP9.6bn (US$195.6m) for the first half of 2020, while operating EBITDA was also down 22 per cent YoY to PHP1.8bn.

Domestic cement volumes decreased by 17 per cent YoY during the 1H20 and domestic cement prices during both the second quarter and first half of 2020 were six per cent lower YoY.

"The second quarter was very challenging for our company, with our volumes adversely impacted by quarantine measures nationwide. But we have seen construction activity gradually return with the easing of restrictions, starting the second half of May," said Ignacio Mijares, president and CEO.