MANILA, Philippines — Listed Century Peak Holdings Corp. recovered from losses in the first quarter of the year, ending the period with a net profit of P59.6 million as sales soared.
This is a reversal of the P106.4-million net loss that the Keng family-led company reported last year, its latest financial report showed.
Sales ballooned to P535 million from P23.1 million in the same period last year.
Operating expenses, however, rose by 54 percent to P103.6 million.
Century Peak, which has interests in mining and cement manufacturing, said its newly opened cement plant helped lift profits despite a challenging environment.
“With the completion of the cement plant, the group expects to generate revenue from the sale of cement products,” it said in its filing.
Century Peak last year announced that it had secured a quality standard certification for its cement products from the Department of Trade and Industry, allowing the cement business to move forward.
READ: Century Peak to launch cement business
The cement manufacturing plant in Cebu province has a capacity of 1 million tons per year.
Century Peak, formerly Century Peak Metals Holdings Corp., expanded in 2019 to construction-related activities, land reclamation, and development activities apart from mining.
Its subsidiaries include Century Peak Corp., Century Peak Mineral Development Corp., Century Peak Cement Manufacturing Corp., Century Sidewide Smelting Inc. (CSSI), and Century Hua Guang Smelting Inc.
READ: Century Peak Cement gears up for government infra projects
The parent firm currently has mining activities covered by its mineral production sharing agreement in the Dinagat Islands.
Century Peak in 2011 partnered with Sidewide Resources (HK) Ltd., a subsidiary of China-based Chaoyang Saiwai Mining Co. Ltd., to form CSSI, its nickel-focused unit.
This year, Century Peak said they were banking on high nickel ore demand in China, its main international market, to boost profits.
“The group expects that the industry will perform better due to surging China imports and continued rise in selling prices for the nickel ores,” it said.