Cement producer Holcim Philippines Inc. said first-quarter net income declined 28.7 percent to P501.5 million from P703.6 million in the same period last year as the overall business performance was affected by the implementation of the enhanced community quarantine in Luzon and Davao.
Holcim Philippines said in a disclosure to the stock exchange first-quarter sales dropped 10 percent to P7.3 billion from P8.1 billion in 2019 amid softer prices and lower volumes particularly towards the end of the quarter.
The government on March 16 imposed the Luzon-wide ECQ to contain the spread of coronavirus disease 2019. This halted building activities in Luzon and slowed down construction work in the rest of the country while localized quarantine measures also hampered the movement of goods and people.