Eagle Cement's Q1 profit down 25% | Inquirer Business

Eagle Cement’s Q1 profit down 25%

By: - Business Features Editor / @philbizwatcher
/ 03:00 PM May 14, 2020

Eagle Cement’s factory in Bulacan

Ang family-led cement manufacturer Eagle Cement Corp. saw a 25 percent year-on-year drop in first quarter net profit to P1.2 billion as construction activities were halted in mid-March as part of measures to curb the coronavirus (COVID-19) pandemic.

But Eagle is optimistic that the demand for cement will recuperate, with the government’s recent declaration to allow certain types of construction to resume in areas under the enhanced community quarantine (ECQ).

ADVERTISEMENT

Due to the decreased construction activity brought about by the ECQ, Eagle’s net sales contracted by 16 percent year-on-year to P4.5 billion in the first three months. Cash flow fell by 14 percent to P1.7 billion.

Prior to the ECQ in mid-March, Eagle reported growth in sales volume during the quarter.

FEATURED STORIES

“Now that construction projects have resumed in the midst of the ECQ, we expect the demand for cement to steadily pick up in the coming weeks. Eagle Cement is fully capable of providing sufficient high-quality cement and we look forward to supporting both public and private sectors in their construction needs as areas in the Philippines shift to more relaxed community quarantine regulations,” EAGLE president and chief executive officer Paul Ang said in a press statement on Thursday.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: EAGLE, Eagle Cement Corp., Paul Ang
For feedback, complaints, or inquiries, contact us.
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Curated business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2023 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.