Cemex Holdings Philippines Inc. said net income in the second quarter declined 93 percent to P46 million from P634 million in the same period last year amid quarantine measures to mitigate the spread of coronavirus.
CHP said in a disclosure to the stock exchange net sales from April to June dropped 35 percent to P4 billion from P6.12 billion recorded a year ago.
“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,” CHP president and chief executive Ignacio Mijares said.
“We remain committed to supplying the Philippines with high quality cement to build the country for many years to come. By acting safely always, working together as one team, and focusing on the tasks at hand, I am encouraged that we will be able to surmount the challenges that lie ahead,” he said.