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Cemex Holdings nets P802M

/ 02:24 PM July 26, 2019

MANILA, Philippines–Cement-maker Cemex Holdings Philippines Inc. turned profitable in the first semester on higher cement prices, foreign exchange gains and lower income tax expenses.

Six-month net profit amounted to P802 million, reversing the net loss of P584 million in the same period last year, Cemex disclosed to the Philippine Stock Exchange on Friday.

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For the second quarter alone, net profit amounted to P634 million, a turnaround from the P654 million net loss in the same period last year.

Net sales increased by 4 percent year-on-year during the first six months to P12.4 billion, as higher cement prices – a result of price adjustments implemented since 2018 – made up for the sluggish sales volume. Cement prices rose by an average of 6 percent year-on-year during the semester.

For the second quarter alone, cement sales increased by 2 percent year-on-year to P6.1 billion. This was attributed to a slowdown in construction activity related to the delayed approval of the national budget and mid-term elections held in May. The Holy Week and election holidays also gnawed on second quarter sales. /jpv

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TAGS: Business, Cemex, income, local news, net profit, Philippine news update
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