Holcim Philippines posts loss as expenses rise

Holcim Philippines posts loss as expenses rise
14 November 2022

Holcim Philippines has reported a 6.93 per cent increase in total revenue to PHP6.94bn (US$121.17m) in the third quarter of 2022, up from PHP6.49bn in the same period a year earlier. Despite this, the company posted a net loss of PHP173.28m in the 3Q22, down from a profit of PHP669.26m in the 3Q21. According to the company, this was due to higher expenses with its gross expense increasing by 13.3 per cent from PHP5.62bn to PHP6.37bn over the same period.

Revenue for the opening nine months of 2022 saw a 5.2 per cent decline from PHP20.15bn to PHP19.11bn, while its gross expense for the period advanced by 1.6 per cent from PHP17.06bn to PHP17.33bn. 

Holcim said it would sustain its focus on manufacturing and logistics excellence to manage costs brought by the volatility of fuel and energy prices. "Our positive momentum gives us confidence to further raise operational efficiency and expand offering building solutions with lower environmental footprint and better construction performance," said Horia-Ciprian Adrian, president and chief executive officer, Holcim.

It is accelerating digitalisation initiatives to improve its operational efficiency and will continue to expand its waste management partnerships with local governments to increase usage of low- carbon alternative fuels and raw materials to temper the effect of fuel price increases, reports BusinessWorld. 

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