Cement maker Cemex Holdings Philippines Inc. returned to profitability in 2019 as higher cement prices and foreign exchange gains made up for the sluggish cement sales volume caused by the delayed enactment of the national budget.
Cemex booked a full-year net profit of P1.28 billion, a turnaround from the loss of P971 million in the previous year, the company disclosed to the Philippine Stock Exchange.
For the fourth quarter 2019 alone, net profit amounted to P405 million versus a year-on-year net loss of P307 million.—DORIS DUMALO-ABADILLA
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