Philippines: Holcim Philippines’ first quarter profit declined by 29% year-on-year to US$9.91m in 2020 from US$13.9m in 2019. Revenues over the period were US$144m, down by 10% from US$160m in the corresponding period of 2019.
The Manila Times reported that Holcim Philippines attributed the declines to ‘softer prices’ and ‘lower volumes in March.’ The latter was due to the government-implemented enhanced community quarantine (ECQ) in Luzon, which suspended construction in the capital. The company's Visayas and Mindanao cement plants continue production, but have faced a drop in demand due to various local lockdown measures.
Holcim Philippines says that it is ‘shifting its focus to providing food and medical supplies.’
