Eagle Cement Corp., a fully-integrated cement company owned by businessman Ramon Ang, said net income declined 44 percent in 2020 to P3.4 billion from P6 billion in 2019 as sales were affected by the COVID-19 contagion.
Eagle Cement said in a disclosure to the stock exchange net sales dropped 30 percent to P13.9 billion on lower volume even as sales in the second half started to recover.
The company said it generated net sales of nearly P8 billion in the second half of 2020, down 14 percent from P9.3 billion in the same period in 2019, but 35 percent higher than the first half of 2020.
“The halting of our operations due to pandemic-related restrictions took a hit on our results in the first half of 2020, but the remaining half proved that we are well-positioned to bounce back. We saw improvement in our volume, and we are able to bring down our production cost in 2020,” Eagle Cement president and chief executive Paul Ang said.