Cement manufacturer Holcim Philippines Inc. said Monday net income fell 42.4 percent in 2020 to P2.06 billion from P3.58 billion in 2019 as demand weakened amid the pandemic.
Holcim Philippines said in a disclosure to the stock exchange net sales reached P26 billion last year, down 22 percent from P33.4 billion in 2019 on lower volume and prices.
The company said the lockdown implemented by the government from March to May to contain the spread of the coronavirus and the severe weather conditions in the fourth quarter affected business operations in 2020. This hampered delivery of raw materials and services to production sites and dispatch of products to customers.
Holcim said responded to the pandemic by implementing aggressive cost reductions in production, distribution, and support process costs that partially mitigated the topline decline.
“We improved efficiency and sustainability of operations. We also introduced new building solutions and enhanced digital tools to better serve the customers. With our committed employees and loyal business partners, these improvements make us ready to help drive a faster recovery and deliver great value to all our stakeholders,” outgoing Holcim president and chief executive John Stull said.