Eagle Cement Corp. said Thursday net income fell 25 percent in the first quarter to P1.2 billion from P1.6 billion recorded in the same period last year on decreased construction activities following the implementation of the enhanced community quarantine in Luzon.
Eagle Cement said in disclosure to the stock exchange first-quarter net sales amounted to P4.5 billion, down 16 percent from P5.4 billion a year ago.
The cement producer, however, said cement demand was expected to pick up after the government allowed certain types of construction to resume in areas under the modified ECQ.
“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,” said Eagle president and chief executive Paul Ang.
“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,” he said.