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.
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